Globalisation and the Economic Impact on Small Island States: Caribbean
Nottingham University Business School
MBA Programmes
N14M79 Business Economics
Globalisation and the Economic Impact on Small Island
States: Caribbean
January 6th 2011
Kole’ Mascoll
Student ID:
COPY [1]
Globalisation and the Economic impact on small island states: Caribbean
This paper conducts an analysis of Small Island States of the Caribbean, the Economic effects of Globalisation and addresses both the macroeconomic and microeconomic issues. The paper will begin by defining globalization from a generic perspective and then focus more specifically on Caribbean. In addition, the paper will briefly describe the present Caribbean Economic Environment highlighting historical reasons for the economic dilemma it finds itself, and will also show the effects of international trade policy on the Caribbean Economic Environment. It will address the issues surrounding the removal of economic barriers and the potential loss of sovereignty of the small island states. Critical analysis will be directed towards a specific Market within a Small Island State in the Caribbean illustrating the potential effects of globalization on this market with the use of demand and supply curves.
Globalisation
There are countless theories, definitions, and interpretations that surround the term Globalization, however, there is one view that is commonly shared, which is the inevitability of some effect and impact this phenomenon will have on every country or nation-state. Globalization is a multi-dimensional process, which is transforming at a rapid rate and in a profound way all aspects of national and global activities and interaction (Peretz 2001). This process of globalization encompasses the eradication of barriers that prevent the free movement of capital, goods, technology and labour across international borders. Society has benefited in many respects from globalization, for example, an increase in market efficiency resulting in greater availability and
MBA Programmes
N14M79 Business Economics
Globalisation and the Economic Impact on Small Island
States: Caribbean
January 6th 2011
Kole’ Mascoll
Student ID:
COPY [1]
Globalisation and the Economic impact on small island states: Caribbean
This paper conducts an analysis of Small Island States of the Caribbean, the Economic effects of Globalisation and addresses both the macroeconomic and microeconomic issues. The paper will begin by defining globalization from a generic perspective and then focus more specifically on Caribbean. In addition, the paper will briefly describe the present Caribbean Economic Environment highlighting historical reasons for the economic dilemma it finds itself, and will also show the effects of international trade policy on the Caribbean Economic Environment. It will address the issues surrounding the removal of economic barriers and the potential loss of sovereignty of the small island states. Critical analysis will be directed towards a specific Market within a Small Island State in the Caribbean illustrating the potential effects of globalization on this market with the use of demand and supply curves.
Globalisation
There are countless theories, definitions, and interpretations that surround the term Globalization, however, there is one view that is commonly shared, which is the inevitability of some effect and impact this phenomenon will have on every country or nation-state. Globalization is a multi-dimensional process, which is transforming at a rapid rate and in a profound way all aspects of national and global activities and interaction (Peretz 2001). This process of globalization encompasses the eradication of barriers that prevent the free movement of capital, goods, technology and labour across international borders. Society has benefited in many respects from globalization, for example, an increase in market efficiency resulting in greater availability and
References: Aghion, P. and Griffith, R. (2008) Competition and growth: reconciling theory and evidence. Zeuthen Lectures. MIT Press: Cambridge, US. Blanchard, O. J., Kiyotaki, N. (1987). Monopolistic Competition and the Effects of Aggregate Demand. The American Economic Review, 77 (4), pp. 647-666. Chaaya, B. (2009). Supply and Demand: The Drivers Behind Price Movement. Investment Education Diary. http://www.investment-education-diary.com/supply_and_demand.aspx Girvan, N Neary, P. J. (2003). Globalization and Market Structure. Journal of European Economic Association, 1 (2-3), pp. 245-271. Nickell, S. J. (1996). Competition and Corporate Performance. The Journal of Political Economy, 104 (4), pp. 724-746 Peretz, D., Faruqi, R., and Kisanga, E Read, R. (2001). Growth, Economic Development and Structural Transition in Small Vulnerable States. Finland: United Nations University/ WIDER The Economist (2007) Thomas, N. (2007). Global Capitalism, the Anti-Globalisation Movement and the Third World. Capital and Class, 31 (2), pp. 45-78. Sage Online Journals: http://cnc.sagepub.com/content/31/2/45 Tutor2u Economics (2002) Wenner, M., Chalmers, G. (2001). Microfinance Issues and Challenged in the Anglophone Caribbean. Washington, DC: Inter-American Development Bank