The framework of globalisation has integrated access to resources and information across the globe. As a result, the boundaries created through geographical territories which once promoted social and commercial exclusivity have been significantly reduced.
For the Caribbean, globalisation has created opportunities for economic growth and development through trade and investments, communication and the movement of people and other resources. The social and commercial unification of international markets has created expansive alternatives in the availability of products and services resulting in a number of benefits to our economy including investments from international businesses, which has increased employment opportunities; access to foreign exchange, and international products and services; and has facilitated an unrestricted gateway to the movement of people across domains.
In recent times, however, due to a surge in local, regional and international activities said to be undermining national security, the actions of some political structures across the world have ignited concerns for the immediate future of globalisation. The move to withdraw involvement from international coalitions and to restrict access to foreign nationals can create ripple adverse effects for developing territories that have come to benefit greatly from international integration.
Jamaica, for instance, which depends a lot on international relations and support to boost economic growth and development, would experience challenges moving forward in the local and global sphere as some of the larger geographical locations and economies exercise draconian laws impeding the accessibility once afforded by globalisation. A large portion of information, products and services are acquired through one of the world’s largest global economies, the United States (US). With the current actions being taken to deport illegal immigrants, restrict trade and business opportunities, among other impeding orders, Jamaica’s development could be affected. How so?
Trade and Investment:
Any action from large economies like the United States to limit the support they provide developing countries like Jamaica would affect the importation and exportation of goods and services, create a leakage in international business support and investments, causing a reduction in the acquisition of foreign exchange. This would readily affect the economy’s ability to finance local programmes and initiatives simultaneously jeopardising the ability to repay outstanding international debts. In an attempt to stabilise the economy, local taxation could increase and possibly result in a recession.
To continue reading, purchase Vol.9 #1, 2017 Issue.
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The framework of globalisation has integrated access to resources and information across the globe. As a result, the boundaries created through geographical territories which once promoted social and commercial exclusivity have been significantly reduced.
For the Caribbean, globalisation has created opportunities for economic growth and development through trade and investments, communication and the movement of people and other resources. The social and commercial unification of international markets has created expansive alternatives in the availability of products and services resulting in a number of benefits to our economy including investments from international businesses, which has increased employment opportunities; access to foreign exchange, and international products and services; and has facilitated an unrestricted gateway to the movement of people across domains.
In recent times, however, due to a surge in local, regional and international activities said to be undermining national security, the actions of some political structures across the world have ignited concerns for the immediate future of globalisation. The move to withdraw involvement from international coalitions and to restrict access to foreign nationals can create ripple adverse effects for developing territories that have come to benefit greatly from international integration.
Jamaica, for instance, which depends a lot on international relations and support to boost economic growth and development, would experience challenges moving forward in the local and global sphere as some of the larger geographical locations and economies exercise draconian laws impeding the accessibility once afforded by globalisation. A large portion of information, products and services are acquired through one of the world’s largest global economies, the United States (US). With the current actions being taken to deport illegal immigrants, restrict trade and business opportunities, among other impeding orders, Jamaica’s development could be affected. How so?
Trade and Investment:
Any action from large economies like the United States to limit the support they provide developing countries like Jamaica would affect the importation and exportation of goods and services, create a leakage in international business support and investments, causing a reduction in the acquisition of foreign exchange. This would readily affect the economy’s ability to finance local programmes and initiatives simultaneously jeopardising the ability to repay outstanding international debts. In an attempt to stabilise the economy, local taxation could increase and possibly result in a recession.
To continue reading, purchase Vol.9 #1, 2017 Issue.
Share this post: