JAMAICAN ECONOMY AND GLOBALIZATION

ECONOMY
Jamaicas early economy was controlled first by Spain and then England. At this time slaves were used in production of sugar. As Jamaica gained its independence its economy was growing with exports of Aluminum and the rise of its tourism sector until inflation and other forces dragged the economy down. The world benefits from an integrated economy. The greatest gain of globalization is countries are less likely to go to war. When two or countries have common interests they are probably less likely to fight due to the self-inflicting economic costs. As we learned from the lecture it has many positives on the local level also. As for are countries left out? Yes, there are probably many countries that are left out either voluntary or not. Some counties are excluded. But we when we look at the benefits, globalization has helped the world. Globalization has reduced costs, made countries dependent on each other for economic success and helps businesses grow in untapped markets. Yes there are negatives to globalization and its negative effects should not be overlooked. It is terrible when cultures are threatened such as the example in the lecture about the people in Mexico that grow corn and cannot compete in the global market. So yes I think there is harm and some countries will not have the same opportunities as others however when I think maybe if we integrated our economies and cultures globally than the world will be better off. Jamaica is mostly a free market economy with some governmental oversight. Its main exports are alumina sugar, banana and bauxite. Not even the service industry can produce enough jobs to combat the high unemployment in Jamaica. The GDP for Jamaica can be broken up by 3 sectors. Agriculture, industry and Services. The Service sector of the economy is about 65 percent making up the majority of the GDP. Industry makes up about 30 percent of the GDP and Jamaica has a small agriculture sector at about 6 percent. This tells me Jamaica is mostly dependent on tourism for its survival. Put your response here: Jamaica is mostly a service economy so globalization has a direct impact on Jamaicas economy. Globalization leads to cheaper travel which will increase tourism and helping the economy. GDP per capita is about 9000.00 dollars. Compare this to the world and it rank 125th. If we compare that to neighboring countries we see that Cuba does better at 10,000.00 dollars and Puerto Rico GDP per capita is 16,300.00.

GLOBALIZATION
Globalization not only connects our economies, it also connects our governments and cultures. There is much debate and disagreement as to whether how good globalization is for the world. Advocates of the globalization trend think we are taking steps to even the worlds playing field while others see it nothing more as exploitative to workers and poor countries. For Jamaica Globalization has had many effects. One negative effect of globalization is many local business simply cant compete when cheap foreign goods are let in. Which is exactly what happened in Jamaica. Doing this shifts the economy from

production to service. Instead of growing produce like bananas or Making Aluminum they rely on tourism and other service sector jobs. We can also see that here in the United States as many of our factories have gone to China. There are other problems in Jamaica due to globalization. An example of Jamaicans interdependence is its Oil Refining capabilities. As Jamaica itself has no Oil production it is still part of the worlds oil production with its refineries. Jamaicans benefit from this economically as the refineries produces jobs for the people. The Tourism sector in also interdependent on the world economy on a whole. The success on the tourism relies on other people in other counties and if they have the income to travel.

Oil consumption
1. Record:

Oil Production: 0 production of oil. Jamaica does not produce oil

Oil Consumption: the Jamaicans import 23,780 bbl/day (2009 est.) I have discovered that the Caribbean does not produce oil, however Jamaica does have refineries that make the oil into gasoline, mostly for the United States consumption. So even though they do not have oil themselves they to produce petroleum that is a byproduct of the oil refining process.

Sources http://kyleb.newsvine.com/_news/2007/04/16/665962-lessons-on-globalization-jamaica-as-amicrocosm http://www.globalpolicy.org/globalization/globalization-of-the-economy-2-1.html https://www.cia.gov/library/publications/the-world-factbook/