Assessing The Impact Of Globalization On The Caribbean Business Environment

3225 words - 13 pages

The purpose of this paper is to assess the impact of globalization on the Caribbean business environment. Much has been written about globalization which is more accurately viewed as a process of change rather that an event which has already occurred. The impact of globalization on any environment can be both positive and negative and can be described as the enablers or the constraints which affect the decisions made by leaders, both government and business. It also refers to the way these choices affect the lives of all people.

Scholars David Held, Anthony McGrew, David Goldblatt and Jonathan Perraton developed a general framework for understanding the process and characteristics of ...view middle of the document...

Globalization can also be defined as the opening of local and nationalistic perspectives to a broader outlook of an interconnected and interdependent world with free transfer of capital, goods, and services across national frontiers. However, it does not include unhindered movement of labor and, as suggested by some economists, may hurt smaller or fragile economies if applied indiscriminately. While Globalization is mainly viewed through the economic lens it does have political, social, environmental and cultural aspects which must also be considered.

The process of Globalization has its origin in early having four defined phases, the first phase starting in 1830 to the late 1800s peaking in 1880. The triggers to this were identified as the introduction of the railroad and ocean transport which saw the rise of manufacturing: cross border trade of commodities largely by trading companies. The second phase started from approximately 1900 to 1930 which saw the rise of electricity and steel production. This led to the emergence and dominance of early multinational enterprises mainly in Europe and North America in manufacturing, extractive and agricultural industries. 1948 to 1970s saw the third phase of Globalization which was substantially due the demand for consumer goods and as well as goods needed to rebuild Europe and Japan at the end of the Second World War. This prompted the formation of the General Agreement on Tariff and Trade (GATT) which was eventually transformed into the World Trade Organization (WTO).
In the Revised Treaty of Chaguaramas establishing the Caribbean Community including the CARICOM Single Market and Economy (CSME) signed on July 4th 1973 it was recognized at this time that globalization and liberalization had important implications for international competitiveness. There was also the consciousness of the need to promote the highest level of efficiency in the production of goods and services in order to maximize earnings on the basis of international competitiveness. It also included in the agreement a further desire to establish and maintain a sound macroeconomic environment conducive to investment including cross border investments and the competitive production of goods in the Community. This optimal production was to happen with an expressed awareness that structural integration of production in the region was required and particularly the unrestricted movement of capital, labour and technology. This plan for deepening economic regional integration would be the framework that would recognize the potential of the micro, small and medium enterprise developments to contribute to the expansion and viability of the national economies to achieving the economies of scale to compete in a global economic environment.
Businessdictionary.com defines business environment as the combination of internal and external factors that influence a company's operating situation. The business environment include factors such as:...

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