The Effect Of Globalization On The Dominican Republic
How exposed is your country to globalization? What have been the political, economical, technological, social, environmental, or other impacts of the globalization trend on your country? They can be negative or positive impacts.
Globalization is an ongoing process which interconnects economies, societies and cultures, where communication and information technology is developed and applied along with agreements from nations to facilitate all kind of exchanges, especially economic. This would imply elimination of taxes, elimination of tariff barriers, and nations entering trade agreements.
The Dominican Republic is a middle-income, developing country located in the middle of the Caribbean which for the past two decades has had a GDP growth average of 5.4 percent …show more content…
Since 1970, the government has been establishing laws and regulations for the development of the Dominican business sector, thus initiating the adjusting process of its productive system. From 1997 to the 2000, the Dominican government with the participation of a Civil Society Committee, adopted proactive and strategic policies which allowed the proper performance of small local businesses as well as big companies (Economista Dominicano, n.d.).
Political effect of globalization in DR: the political effect of globalization has been negative for the Dominican Republic. Pressured by the IMF and the United States government, the DR had to make a series of structural adjustment agreements which included drastic cuts in public spending, financial reforms, lower barriers to imports, and privatization of utilities and state industries. The DR also abandoned its agricultural exports in favor of export processing and tourism. This led to decline in living standards and impoverishment for most
Globalization is an ongoing process which interconnects economies, societies and cultures, where communication and information technology is developed and applied along with agreements from nations to facilitate all kind of exchanges, especially economic. This would imply elimination of taxes, elimination of tariff barriers, and nations entering trade agreements.
The Dominican Republic is a middle-income, developing country located in the middle of the Caribbean which for the past two decades has had a GDP growth average of 5.4 percent …show more content…
Since 1970, the government has been establishing laws and regulations for the development of the Dominican business sector, thus initiating the adjusting process of its productive system. From 1997 to the 2000, the Dominican government with the participation of a Civil Society Committee, adopted proactive and strategic policies which allowed the proper performance of small local businesses as well as big companies (Economista Dominicano, n.d.).
Political effect of globalization in DR: the political effect of globalization has been negative for the Dominican Republic. Pressured by the IMF and the United States government, the DR had to make a series of structural adjustment agreements which included drastic cuts in public spending, financial reforms, lower barriers to imports, and privatization of utilities and state industries. The DR also abandoned its agricultural exports in favor of export processing and tourism. This led to decline in living standards and impoverishment for most