Globalization and development Flashcards
(27 cards)
What is globalisation?
Globalisation is the increasing interconnectedness and interdependence of the world’s economies, societies, and cultures through trade, technology, media, finance, and migration.
What are the four main dimensions of globalisation?
- Economic (trade, investment, finance)
- Social/Cultural (migration, language, values)
- Technological (internet, ICT, automation)
- Environmental (climate action, pollution, global regulation)
What is economic globalisation?
The integration of national economies through free trade, foreign direct investment, capital flow, and multinational corporations.
What is cultural globalisation?
The spread of cultural products, values, and practices across borders, often dominated by Western or American influence (e.g., fast food, music, media).
Name three key institutions that drive globalisation.
- International Monetary Fund (IMF) – provides financial support but enforces Structural Adjustment Policies (SAPs).
- World Bank – funds development but prioritises macroeconomic reforms.
- World Trade Organization (WTO) – promotes trade liberalisation, often favouring developed countries.
What are Transnational Corporations (TNCs) and how do they operate in the Caribbean?
TNCs are companies that operate in multiple countries. In the Caribbean, they invest in sectors like tourism, banking, and manufacturing (e.g., Hilton, Sandals, Unilever), often repatriating profits abroad.
What is the EPA and how does it affect the Caribbean?
The Economic Partnership Agreement is a trade deal between the EU and CARIFORUM countries. It allows for duty-free trade but has been criticised for reinforcing dependency.
How does technology facilitate globalisation?
Through the internet, mobile banking, e-learning, and real-time communication, technology connects markets and cultures globally.
What are three economic benefits of globalisation in the Caribbean?
Access to international markets, foreign direct investment (FDI), and growth of industries like tourism, call centres, and banking.
How has globalisation improved cultural visibility in the Caribbean?
Caribbean music (reggae, soca), food, and festivals have gained global recognition, promoting cultural pride and tourism.
How do remittances support development in the Caribbean?
Migrants send home billions of dollars annually, supporting families, boosting consumption, and contributing to GDP.
Give an example of technology positively impacting development in the region.
Online education during the COVID-19 pandemic helped maintain learning continuity across the region despite lockdowns.
How does globalisation create economic dependency in the Caribbean?
Caribbean countries depend on developed nations for imports, investment, and aid, limiting self-reliance and increasing vulnerability to global market shocks.
What is capital flight and how does it affect development?
Capital flight is when profits earned in the Caribbean are sent abroad by foreign investors, reducing local reinvestment and wealth accumulation.
How has globalisation harmed local industries?
Free trade policies have exposed local farmers and manufacturers to competition from cheaper foreign goods (e.g., collapse of Jamaica’s banana industry).
How has globalisation led to brain drain?
Educated Caribbean professionals often migrate to developed countries for better opportunities, weakening local health, education, and finance sectors.
What is cultural imperialism?
The dominance of foreign (especially Western) cultural values and media, which can erode local traditions, languages, and identities.
How has tourism under globalisation created environmental and social problems?
Overuse of water, pollution of coastal areas, seasonal unemployment, and sex tourism are common negative side effects.
What is neoliberalism and how does it relate to globalisation?
Neoliberalism promotes free markets, privatisation, and minimal government interference. It drives globalisation but often worsens inequality and weakens social protections.
What does Norman Girvan argue about globalisation?
Girvan sees globalisation as a new form of dependency that reinforces the Caribbean’s subordinate economic position. He advocates for regional self-reliance and local empowerment.
What is dependency theory?
A theory that explains how developing countries remain dependent on developed countries through exploitative economic relationships rooted in colonialism.
How has globalisation impacted Caribbean labour?
It has created jobs in BPO and tourism but also increased exploitation, underemployment, and migration of skilled workers.
What are Export Processing Zones (EPZs)?
Designated areas with tax breaks and relaxed labour laws to attract foreign factories. Workers, often women, face poor conditions and low wages.
How does globalisation affect agriculture in the Caribbean?
Increased competition from subsidised foreign produce has made local farming less viable, leading to food insecurity and rural poverty.
