Globalization is a term that has been used many old ages, but do we genuinely understand the construct of globalisation? From all the combined readings by the different writers of, The Lexus and the Olive Tree, International Business Strategy, Management and the New Realities and the picture I have viewed, there have been a scope of significances for the term globalisation. One definition that stands out most is Friedman ‘s from the book the Lexus and the Olive Tree. Friedman stated, “ Globalization is non merely a tendency or craze but is, instead, an international system. ” “ It is a system that has now replaced the old Cold War system, and like that the Cold War System, globalisation has its ain regulations and logic that today straight or indirectly influences political relations, environment, geopolitics and economic sciences of virtually every state in the universe. ” ( Friedman, 2000 ) .
One critical facet of globalisation is to beef up the integrating with other states, by trading which could finally take to distribution of wealth throughout these states. Globalization besides includes how the local people view different things, to include, civilization, faith and the betterment in engineering. States would meet globalising force per unit areas since, the economic, political and cultural development are at different degrees among states. The 3rd universe states are less developed than many other states and their economic systems can be said to be isolated from the universe economic system. ( Arif, 2008 ) .
Globalization makes the universe a individual topographic point, which means it is cosmopolitan. With the promotion in engineering, it has brought to universe to be a affiliated topographic point with the debut of the cyberspace, telephones which have made created easy communicating within the universe. Therefore we can see an addition in modernness. ( writer unknown, n.d )
Globalization can besides be termed as a procedure which can assist in liberization of a state by the remotion of authorities limitations, which will ensue in more investing within states by holding an unfastened economic system.
Although globalisation can finally develop the 3rd universe states, it can besides do the societal barriers, which can finally destruct our cultural heritage. As Friedman stated in his book, the universe is excessively affiliated because of globalisation and that if one nexus in the concatenation is loosened the full interlink will be affected. He besides outlined how the cyberspace is really intrusive and that persons do non hold any privateness any longer. These are some of recoils of globalisation. He besides stated that it will be hard for some states to do the passage economically, politically and culturally and that ( Friedman, 2000, pg. 427 ) .
Globalization has its advantages and disadvantages, nevertheless, it can be used as the avenue to develop 3rd universe states, because through globalisation, every state can profit one time the proper operation systems are put in topographic point. Third universe states would hence hold to concentrate on the more exportation of goods and services as opposed the importing. In the Caribbean, accent should be placed on the touristry, agribusiness and fabrication industries in order to vie on a planetary graduated table. Bananas and Sugar are two indispensable foreign exchange earners for the Caribbean. However, these two harvests have been faced with similar challenges. There has been no variegation in these harvests and besides the unequal technological systems in topographic point. The cost of sugar and banana production was really high and there were unable to run into the criterion of the World Trade Organization. The absence of economic systems of graduated table is another issue that has affected the sugar cane and banana industry in the Caribbean. ( Balah Ahmed, 2001 ) .
In Jamaica, touristry is another indispensable country which can assist to state to vie on the planetary graduated table. In the film Jamaica For Sale, we have seen how Jamaica, the one of the most indebted Caribbean Islands has tried to hike its touristry industry. While the agricultural industry has failed in some ways, the Caribbean is seeking to hike the touristry sector in order to vie on a planetary market. There are major touristry developments in the grapevine for Jamaica.
For illustration, the development of hotel industries, the edifice of another international airdrome and the edifice of more luxury resorts. While Jamaica is seeking to develop a sustainable touristry sector, the people of Jamaica are being paid low rewards and they besides left out of the determination devising procedure. ( Ian Boxhill, n.d )
Barbados has sought to develop in their touristry industry by doing their tourers attraction delighting to the international market. They have developed an attack in heightening their touristry sector by sensitising the local populace. The authorities of Barbados recognized that because of the resources Barbados has, touristry was a chief country for developing, hence, they placed a great trade of accent on the stigmatization of this merchandise, which generated capital for the state. They saw the demand to better on quality and efficiency in the touristry sector. Barbados divided the touristry industry into sectors ; viz. , The Barbados Tourism Product Development and the Barbados Tourism Marketing Company. By making this, they were able to break compete in the touristry industry and maintain international criterions. They saw the demand to widen the touristry industry in order for sustainable development. ( Research and Planning Unit, 2009 ) .
Other Caribbean Islands have seen the demand to develop its industries like Trinidad, Grenada and the other islands. The Caribbean ‘s current place in the planetary economic system is non at its best. First, it is imperative that the Caribbean parts realize the demand for integrating in order to be a helper in the planetary universe. The demand for integrating is necessary. Therefore far, the Caribbean has tried to implement the Caribbean Single Market and Economy, which is portion of the integrating procedure which allows for free motion of people including university alumnuss and instrumentalists, trading of goods between islands, the remotion of duties. Research and Development was another country that was undeveloped in the sugar and banana industry. ( Tony Fraser, 2004 ) .
The construct of the aureate heterosexual jacket needs to be implemented in the Caribbean district in order for these islands to prosecute in sustainable development. With respects to the aureate heterosexual jacket, Caribbean states need to acknowledge the place that they are in and implement different schemes to accommodate the demands of the state. For case, Trinidad, Guyana, Barbados and Jamaica are more developed in comparing with the OECS islands. Therefore, a scheme that may work for Trinidad may non needfully work for Grenada. Each state needs to follow advanced ways to vie on the planetary market by developing competitory schemes which in bend will ensue in competitory advantage. As Friedman stated, “ As your state puts on the Golden Straitjacket, two things tends to go on: your economic system grows and your political relations shrink. ” ( Friedman, 2000, pg. 106 ) .
The Caribbean should adhere the aureate heterosexual jacket regulation by doing privitizing and prolonging the private sector which will fuel economic growing. The rate of rising prices is comparatively high in the Caribbean and monetary values tend to fluctuate. In add-on many of the Caribbean Islands have implemented the Value Added Tax ( VAT ) . In footings of corruptness the Caribbean has to extinguish the corruptness with the authoritiess. They need to acquire rid of monopolies. For illustration, throughouth the Caribbean, the utlility companies are all monopolies, with the exclusion the telephone companies in some islands. These factors make up a subdivision portion of the aureate heterosexual jacket regulations, which if followed, the Caribbean can see itself on the planetary market and by farther extension have sustainable development. The Caribbean has a long manner to travel in implementing the regulations of the consecutive jacket. Although this is merely a theory, but it is a theory that can help the Caribbean in viing on the planetary market. The Caribbean needs to utilize its natural resources.
In order for the Caribbean to travel from developing to emerging market position, it is imperative that these islands come together as one to vie in the planetary market. One of the ways they can make this is by holding one currency. One currency allows states to turn economically. One currency allows for more transparecny cost, less uncertainness and less dealing cost. Intially, this can ensue in an chance cost, nevertheless, in the long term it will be benefical to the full Caribbean. In add-on to the individual currency the Caribbean to be more originative. We are a originative people, but we need more people to be originative. The Caribbean is developed in footings of its historical and cultural signifiers, nevertheless, in order to develop economically into emerging markets, instruction is a cardinal factor. “ Education is strongly correlated with economic development. ” ( Cavusgil, Knight and Riesenberger, 2008, pg. 257 )
Each Caribbean state needs to concentrate on one chief country of export, as opposed to all the Caribbean islands concentrating on the same are of exporting of goods and services. For illustration, Barbados is an ideal touristry industry. Therefore Barbados should concentrate on touristry. Jamaica and Trinidad are in the fabrication industry, hence thye should put accent on developing those countries. Guyana has a batch of land, therefore they can put accent on developing in that country. These are merely a few exmaples to demo how the Caribbean is diversified in different countries and if they pool their resources and concentrate on different countries, they can finally go more competitory and move from 3rd universe states to emerging markets.
Globalization is hence a springboard to bring forthing gross for a state and and the Caribbean is on exclusion to this benefit. Although, there have been recoils from globalisation it can still further development and expand the trading across boundary lines expecially on an international degree. Third universe states need at follow some of the patterns of the developed states and they will finally emerge into globalized markets.