Disadvantages Of Globalization Essay

Globalization: “A process of growing interdependence that represents a fundamental change from a world of individual and independent states to a world of state interdependence.” Globalization is a vastly multifaceted and contentious concept, it is not a new phenomenon but a continuance of developments that has been taking place over a considerable amount of time. The current trend of globalization of economic activities is qualitatively different, nevertheless, as the world has ceased to be a group of comparatively autonomous economic entities that are only slightly connected and are less susceptible to events in their neighbourhoods. In other words, the world has now become a global village, a village without borders.

Globalization encompasses many features, but the following three appear to be the driving force behind economic integration (a) internalization production accompanied by changes in the structure of production, (b)expansion of international trade in trade and services, (c) widening and deepening of international capital flows. Globalization has many positive effects, one of which is the increase in a country’s …show more content…
Firstly, the proliferation of Information Communication Technology, driven by the internet, (skype, FaceTime, email) which was a major factor in the extensive reduction of communication cost globally and the decline of the economic space. The previous development has thus been driven by modernizations in computerization, miniaturization, telecommunication and digitization. As distance became less of a barrier, location now becomes less of a challenge in economic decisions. Companies became less tangled to any one location and are thus more unattached. The adverse effects for the Caribbean and other small island states is that attraction for foreign investment is more competitive due to the fact, albeit few exemptions, companies can locate practically