Globalization
INTRODUCTION
The United Kingdom Department for International Development defines globalization as a growing interdependence and interconnectedness of the modern world. This is facilitated through the increased flow of goods, service, capital, people and information. Globalization is driven by technology and reductions in the costs of conducting international transactions. There is an inevitable spread of these technology and ideas, increase in the share of trade in world production and increases in the mobility of capital (DFID, 2000a).
Globalization has evolved through phases dating back to the 1800s (Cavusgil, Knight and Riesenberger, 2014: 63) and continues to integrate more countries into the global market with the enticement of economic gains by virtue of increase trading of goods and services. The rapid advancement of technology, air and sea travel, establishing of world organizations and advent of the internet have facilitated the power of globalization to a level never seen before. However, with the benefits of globalization, come the adverse implications that can have a significant impact on a country. Trinidad and Tobago has engaged in global trading for many years. Natural resources, Free Trade agreements, lowering of tariffs and continuous negotiations amongst regional and international partners have enabled Trinidad and Tobago to be a player on the global market. Globalization can be considered an opportunity for phenomenal economic gain but also it can have a detrimental impact on a country’s sovereignty if not managed carefully. Globalization has impacted Trinidad and Tobago’s business community in terms of lack of innovation, their competitiveness on an international scale, and their ability to retain competent and skilled labour.
INNOVATIVENESS
The business community of Trinidad and Tobago has to constantly challenge their innovativeness if they are to compete on the global market. Innovation can be defined as the exploration and
The United Kingdom Department for International Development defines globalization as a growing interdependence and interconnectedness of the modern world. This is facilitated through the increased flow of goods, service, capital, people and information. Globalization is driven by technology and reductions in the costs of conducting international transactions. There is an inevitable spread of these technology and ideas, increase in the share of trade in world production and increases in the mobility of capital (DFID, 2000a).
Globalization has evolved through phases dating back to the 1800s (Cavusgil, Knight and Riesenberger, 2014: 63) and continues to integrate more countries into the global market with the enticement of economic gains by virtue of increase trading of goods and services. The rapid advancement of technology, air and sea travel, establishing of world organizations and advent of the internet have facilitated the power of globalization to a level never seen before. However, with the benefits of globalization, come the adverse implications that can have a significant impact on a country. Trinidad and Tobago has engaged in global trading for many years. Natural resources, Free Trade agreements, lowering of tariffs and continuous negotiations amongst regional and international partners have enabled Trinidad and Tobago to be a player on the global market. Globalization can be considered an opportunity for phenomenal economic gain but also it can have a detrimental impact on a country’s sovereignty if not managed carefully. Globalization has impacted Trinidad and Tobago’s business community in terms of lack of innovation, their competitiveness on an international scale, and their ability to retain competent and skilled labour.
INNOVATIVENESS
The business community of Trinidad and Tobago has to constantly challenge their innovativeness if they are to compete on the global market. Innovation can be defined as the exploration and
Bibliography: Cavusgil, S., Knight, G. and Riesenberger, J. (2014) International Business, The New Realities, 3rd edition, Essex, Pearson Education.