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    Globalization is facilitated by various international organizations and ideologies. The World Trade Organization regulates international trade and removes barriers like tariffs. The International Monetary Fund provides loans to countries with conditions that can impact economies. Technology and transnational corporations also drive globalization by connecting people and markets worldwide. However, critics argue this has uneven effects, with some nations facing job losses or economic challenges from the dominance of foreign interests.

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    Globalization is facilitated by various international organizations and ideologies. The World Trade Organization regulates international trade and removes barriers like tariffs. The International Monetary Fund provides loans to countries with conditions that can impact economies. Technology and transnational corporations also drive globalization by connecting people and markets worldwide. However, critics argue this has uneven effects, with some nations facing job losses or economic challenges from the dominance of foreign interests.

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    7 views17 pages

    PDF document-894BAA8B122A-1

    Uploaded by

    Fiona Gangapersad
    Globalization is facilitated by various international organizations and ideologies. The World Trade Organization regulates international trade and removes barriers like tariffs. The International Monetary Fund provides loans to countries with conditions that can impact economies. Technology and transnational corporations also drive globalization by connecting people and markets worldwide. However, critics argue this has uneven effects, with some nations facing job losses or economic challenges from the dominance of foreign interests.

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    of 17

    GLOBALISATION

    AND DEVELOPMENT
    OBJECTIVES
    ► DESCRIBE THE FACILITATORS OF GLOBALISATION AND DEVELOPMENT:

    ► World Trade Organization (WTO)


    ► Economic Partnership Agreement (EPA)
    ► International Monetary Fund (IMF)
    ► World Bank
    ► Transnational Organizations
    ► Technology
    ► Ideologies: social, gender, economic, political
    OBJECTIVES
    ► ASSESS AND DISCUSS THE IMPACT AND RESPONSE TO GLOBALISATION IN
    TERMS OF:

    ► Industry and Commerce


    ► Distribution Sector
    ► Labour
    ► Technology
    ► Ideology
    ► Popular Movements
    GLOBALISATION DEFINITON
    ► This is a term used to describe changes in society and the world economy that are a result of
    a dramatically increased trade and cultural exchange. In specifically economic context, it is
    often understood to refer almost exclusively to the effects of trade, particularly trade
    liberalization or free trade.
    ► Globalisation attempts to promote equity for all buyers and sellers, and to remove all barriers
    to trade such as taxes and tariffs, quota restrictions and duties. Essentially, globalisation is an
    ideology that attempts to promote business in a global platform.
    ► https://www.youtube.com/watch?v=JJ0nFD19eT8&feature=emb_logo
    FOUR MAIN ASPECTS OF
    GLOBALISATION ARE:
    ► Socio-cultural dimension
    ► Economic dimension (TRADE LIBERALISATION)
    ► Technological dimension
    ► Environmental dimension
    FACILITATORS OF GLOBALISATION
    AND DEVELOPMENT
    ► World Trade Organization (WTO)
    ► Economic Partnership Agreement (EPA)
    ► International Monetary Fund (IMF)
    ► World Bank
    The WTO, IMF and World Bank are multilateral agencies, these are organizations
    formed between three or more nations to work on issues that relate to all of the
    countries in the organization.
    WORLD TRADE ORGANISATION
    ► WTO regulates trade in goods and services. In order to sell goods to participants
    within the WTO, nations must adhere to their taxation and trading policies.
    ► It has over 140 countries as members. Its major function is to oversee trade
    agreements reached by member nations and apply their rules to trade disputes. It
    also provides a forum for further rounds of trade negotiation with an emphasis
    for promoting free trade thereby facilitating movement of goods and services
    across nations with little blockages. This process is very important in facilitating
    globalization.
    What is the impact of the WTO on the Caribbean?
    Economic Partnership Agreement (EPA)

    ► Economic Partnership Agreements (EPAs) are trade and development agreements negotiated
    between the EU (European Union) and African, Caribbean and Pacific (ACP) countries and
    regions.
    ► Major aim is to create a free trade area (FTA) in response to the WTO rejection of the
    protectionist ACP-Lome agreement.
    ► The EU’s trade relationship with ACP countries is governed by the Cotonou Partnership
    Agreement signed in 2000 between the EU, its member states and ACP countries. As this
    comprehensive political, economic and development partnership is expiring in 2020, the parties
    are currently negotiating a successor agreement (the so-called ‘post-Cotonou’ agreement).
    What is the impact of the EPA on the Caribbean?
    What was the Lome convention? (page 271 of Jennifer Mohammed text)
    International Monetary Fund (IMF)
    The IMF was born at the end of World War II, out of the Bretton Woods Conference in 1945. It was
    created out of a need to prevent economic crises like the Great Depression. With its sister organization,
    the World Bank, the IMF is the largest public lender of funds in the world. It is a specialized agency of
    the United Nations and is run by its 188 member countries. Membership is open to any country that
    conducts foreign policy and accepts the organization's statutes, which include Structural Adjustment
    Policies (SAPs). Loans are short term and usually have to be paid back within 5 years.
    What are SAPs that the IMF impose on countries?
    What impact has the IMF had on the Caribbean? Examples
    THE WORLD BANK
    ► https://www.youtube.com/watch?v=MhrC2_Hak08
    ► https://www.youtube.com/watch?v=WG72yk60tbA
    ► https://www.youtube.com/watch?v=lN3qrFA4jXc
    ► The World Bank supplies qualifying governments with low-interest loans, zero-interest credits, and
    grants, all for the purpose of supporting the development of individual economies. Debt borrowings
    and cash infusions help with global education, healthcare, public administration, infrastructure, and
    private-sector development. The World Bank also shares information with various entities through
    policy advice, research and analysis, and technical assistance. It offers advice and training for both the
    public and private sectors.
    ► What impact has the World Bank had on the Caribbean?
    FACILITATORS OF GLOBALISATION
    AND DEVELOPMENT
    ► Transnational Organizations
    ► Technology
    ► Ideologies: social, gender, economic, political
    TECHNOLOGY
    ► Technology:
    ► This refers to the set of tools both hardware and software, that helps us act
    and think better. Technology includes all objects from paper to the latest
    gadgets. Electronic and computer technology help us share information or
    knowledge quicker and efficiently thus speeding up the globalization
    process making the world a smaller place. For example advancements in
    internet technology: satellite, cable, and fiber optic revolutionized
    communication.
    ► What impact does technology have on globalization in the Caribbean?
    Transnational Organizations (TNCs) OR
    Multinational Corporations (MNCs)
    ► These are often referred to as multinational organization or companies and are
    characterized by having :a headquarters in one country and subsidiaries or
    branches in many other countries. Most of the big companies in the Caribbean
    are international transnational organizations with headquarters in North
    American and European territories. These companies facilitate globalization in
    the diverse countries they service.
    Transnational Organizations (TNCs) OR
    Multinational Corporations (MNCs)
    ► However, a major disadvantage of this type of organization is that most of
    its profits are repatriated away from developing countries to developed
    economies. However, many local economies don't have the capital/money
    to develop their industries and raw materials, thus TNCs facilitate this
    process. Additionally, critical employment and downstream and upstream
    business opportunities are created by the participation of TNCs in critical
    sectors of the economy.
    ► What impact does TNCs have on the Caribbean? What are some examples
    of TNCs? What is Foreign Direct Investment?
    Ideologies: Social, Gender, Economic and
    Political
    ► An ideology is a set of ideas, doctrines or beliefs which forms the basis about
    how someone or a group thinks. These ideologies foster globalization by
    linking people across national and regional boundaries.

    ► Page 270 Textbook


    ESSAY DISCUSSION
    ► Explain what is meant by ‘the ideology of free trade’. How has this
    ideology impacted on global economic developments?
    The ideology of free trade is international trade without government
    subsidies, tariffs, quotas etc.... A belief that social, economic and
    political activity must be liberalized in order for globalization to occur.
    Explain what is meant by ‘the ideology of free trade’. How has this
    ideology impacted on global economic developments?
    ► Free trade allows businesses to expand and sell to people worldwide freely. Local business will grow
    more, LEDCs will benefit by gaining more affordable goods and services eg the introduction of Digicel.
    However, this may result in job losses due to cutbacks. With the establishment of MNCs in LEDCs local
    businesses may have to close due to competition. Revenue gained from the MNCs often do not stay in
    the country where a branch is established, but is repatriated to the foreign headquarters.
    ► Impacts of free trade is that it can delay or hinder economic development in some countries that relied on
    preferential treatment in trade for example ACP countries in the EPA….CAN BE ELABORATED.
    ► The ideology of capitalism was encouraged with the introduction of the ideology of free trade. This
    requires less involvement of the government in the ownership of business and encourages private
    ownership of businesses.
    ► The ideology of free trade promoted the dependency on multilateral organizations like the WTO who can
    operate as a body that settles trade disputes. For eg the dispute between the European Banana Traders
    and the US Banana Traders

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