ARTHUR LOK JACK GRADUATE SCHOOL OF BUSINESS THE UNIVERSITY OF THE WEST INDIES
EXECUTIVE MASTERS IN BUSINESS ADMINISTRATION
GLOBAL MACROECONOMICS AND THE CARIBBEAN BUSINESS ENVIRONMENT (BUAD 6085)
INDIVIDUAL COURSEWORK ASSIGNMENT
CAN SMALL DEVELOPING COUNTRIES SURVIVE IN A GLOBALISED ENVIRONMENT?
(UWI ID #: 91780646) Cohort 22 25 OCTOBER 2010
It has been said that arguing against globalization is like arguing against the laws of gravity. - Kofi Annan
I sit at a food court near a Manchu Wok take out in O’Hare International Airport in Chicago, waiting on a flight to Miami and a connection back home, to ...view middle of the document...
The world appears to have shrunk in recent years. I can understand what Freidman alluded to when he spoke about the flatteners of the world and I can see what we call globalisation in everything around me. One fact is clear. Globalisation is here. It has already happened and survival is not the question, rather what we must do, as a people, to succeed. I had not given much thought to this previously; it was simply life as I knew it. When you think of it though, this shrinking of the world is shaping everything we do and slowly encroaching on every aspect of the way we live. We share, as a global community, in more ways than we ever have before, our goods, our people, our cultures and also information, technology, disease, wars and everything that goes with it. We are all living globalisation today and the realisation is exciting and daunting at the same time.
This paper looks at the small developing countries and asks the question, ‘Can small developing countries survive in a globalised world’. It starts by describing the concept that is globalisation and then explores how globalisation has impacted on the small islands of the Caribbean. In terms of survival, however, the paper does not so much determine if these small developing countries can or cannot survive, but delves more into strategies for success in our ever expanding globalised world.
A general review was conducted of information made available by the course lecturer together with some of a plethora of papers and reports available online.
The concept of globalisation Globalisation has many meanings depending on the context in which it is being discussed and who is discussing it. The Organisation for Economic Cooperation and Development in the OECD Handbook on Globalisation (OECD 2005) defines it widely as the increasing internationalisation of markets for goods and services, the financial system, corporations and industries, technology and competition. Three of the major forces contributing to it are liberalisation of capital movements and deregulation of financial services, opening of markets to trade and investment and the role played by information and communication technologies in the economy. With the removal of trade barriers, the distances between nations have become largely insignificant. Further to these impacts, globalisation has far reaching effects on many other areas of life including culture, environment, political systems, human and physical well-being in countries throughout the world. Another school of thought is that globalisation is global ‘Westernization’ and there is substantial agreement among many persons on both sides of this argument.
The process is not new. Essentially, people have been buying from and selling to each other in lands at great distances for centuries. And as people continued to explore new and extended markets, they shared their cultural influences,...