Question

Do you agree or disagree with the following statement? Use specific examples from your country and the wider Caribbean to support your views.

"The less than desired outcomes of globalization for less industrialized countries, such as those in the Caribbean region, can be attributed to ineffective economic management systems and a break down in monitoring and evaluation."

Answer 1

Answer: Globalization is often been criticised due to its differentiating affects on developed, more industrialized countries to least developed and less industrialised countries.

Its different impacts are not mere resultant of exploitations by more industrialized countries by importing raw materials from less industrialised countries and exporting finished goods to it, rather various other reasons play also important role in it.

As question demands lets take the example of Caribbean countries where globalization's fruits can not realised in its true sense due to ineffective economic management systems and a break down in monitoring and evaluation.

1.Though Caribbean countries has tremendous potential for economic growth yet due to less integration among themselves, they can not bargain effectively w.r.t. trade and investments.Example CARICOM is the only mechanism not yet effective.

Example from a developing countries can also be considered as South Asian region which in most densely populated yet one of the least integrated part of the region can not be benefited by globalisation and its free and fair trade.

2.There are some common structural problem that is hampering desired outcomes like weak fiscal institutions, Weak effective development policies and sluggish private sector growth, all these combined together affecting EASE OF DOING BUSINESS.

In many developing countries of south asian region, where despite having big chances of profits yet various reasons like terrorism, crimes, low human development indicators are affecting process of globalisation.

3.Rule of law i.e. government policies, regulations, legislation are another factors and inefficient ground level implementation of such policies affecting progress there.

In south asian region also where corruption, red tapism and many other factors persist are hampering fruits of globalization.

Having said that , still these countries have been benefited by there geographical location which is great attraction for tourists and attracts many tourists from different parts of world.

Similarly south asian region despit such probelm yet due to its skilled workforcw in India, Bangladesh etc have attracted alot IT companies from developed nations and addressed a larger growth.

Hope it helps!

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