Globalisation and the Economic Impact on Small Island...

Nottingham University Business School MBA Programmes N14M79 Business Economics Globalisation and the Economic Impact on Small Island States: Caribbean January 6th 2011 Kole’ Mascoll Student ID: COPY [1] Globalisation and the Economic impact on small island states: Caribbean This paper conducts an analysis of Small Island States of the Caribbean, the Economic effects of Globalisation and addresses both the macroeconomic and microeconomic issues. The paper will begin by defining globalization from a generic perspective and then focus more specifically on Caribbean. In addition, the paper will briefly describe the present Caribbean Economic Environment highlighting historical reasons for the economic dilemma it†¦show more content†¦These preferential arrangements gave Caribbean countries the primary source of their income and a contributed significantly to the social fabric of the society, through the provision of employment and economic growth. Market forces played a very restricted role in the dynamics of the Caribbean Business Environment which was largely due to these foreign preferential arrangements (e.g. England purchasing sugar from Barbados at premium price even though the same sugar can be sourced from another supplier considerably cheap er). However, organizations such as World Trade Organisation (WTO) have lobbied in favor of the removal of these trading arrangements, sighting that these forms of intervention prevent the law of demand and supply from efficiently allocating resources and result in market failure. Therefore Today’s Caribbean economic environment has had to evolve rapidly to meet the increasing global demand for high productivity at low cost as a result of global competitive forces. Economic Barrier Removal and Its Impact The traditional roles of the sovereignShow MoreRelatedCaribbean Integration2564 Words   |  11 PagesCARIBBEAN POLITICS and SOCIETY Caribbean Integration Rationale for Integration. 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