...Regional integration can be described as the union of a geological area, the main theme running through the efforts is that of cooperation. Hence regional integration is the interaction and cooperation of various countries in a specific region working together in order to foster their own well being, the idea of integration suggests unity and teamwork. On the other hand, regional integration also refers to an outcome, occurring when pre set criteria are met. Regional integration involves some compromise on the part of nation states, but should enhance the general quality of life for the citizens of those states. Regional integration can be described as a dynamic process that entails a country’s willingness to share or unify into a larger whole. The degree to which it shares and what it shares determines the level of integration. Exploration of the factors promoting regional integration within the Caribbean * Common language - The language of the Caribbean people is English, and this facilitates easy communication. * Close Proximity - The Caribbean countries are relatively close to each other, hence, travel by air or sea from one country to another can be done in a relatively short space of time. * Caribbean countries share a common history - Most of the Caribbean people are descendants of people who had been subjected to slavery and indentureship. This makes it possible for the Caribbean people to embrace each other. * Common Cultural Heritage - The Caribbean...
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...Economic Integration, according to Investopedia online, is, “an economic arrangement between different regions marked by the reduction or elimination of trade barriers and the coordination of monetary and fiscal policies. The aim of economic integration is to reduce costs for both consumers and producers, as well as to increase trade between the countries taking part in the agreement.” According to Norman Girwan, in his paper entitled, ‘Caricom’s Elusive Quest For Economic Integration,’ the Caribbean needed to integrate for similar reasons. Girwan states that the move toward such integration was driven by the need to mitigate against the constraints of small size on development, as well as there were other non-eceonomic objectives. These included “attaining national independence, sharing the costs of common services, pooling bargaining power in international environment and instituting a common West Indian identity.” Girwan continues by stating emphatically that “economic integration is still a work in progress for the Caribbean peoples; and what has been accomplished so far has not impacted significantly on regional economic development.” He attests that “this could be due to faulty implementation of agreed integration schemes, or to inappropriate design of the schemes themselves, or to inherent limits in the capacity of economic integration per se to drive development in these economies.” In a similar manner, Mehmet Ekizoglu, in his paper Mercosur, It’s History, Institutions...
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...INTEGRATION EFFORTS IN THE CARIBBEAN ESSAY Sir Arthur Lewis in 1965 wrote ‘these islands did not start on the federal road in a fit of idleness. They start because it was clear that a federation is the only possible solution to their problem.” To understand what Sir Arthur Lewis meant regional integration must be defined. According to Carbough (2004), regional integration is a process of eliminating restrictions on international trade, payments and factors of mobility. Full regional integration is the economic, social, legal, political, business and environmental factors into one common regional space. There are six levels of integration which are the trade association, free trade area, customs union, common market, economic and political union. Over the past decade regional integration movements have been undergoing tremendous pressure as they attempt to sustain viability. Hippolyte- Manigot (1979) stated “Since the mid 1970s, so serious have some of these difficulties been that practitioners and analyst of regional integration have indicated their doubts about the viability of regional integration.” The first effort for integration took place in 1958. This was known as the West Indies Federation. The federation faced several problems but what really led to the demise of the federation was fell apart in January 1962 was the withdrawal of Jamaica. This withdrawal was to lead to a movement within Jamaican for national independence from Britain. The withdrawal of Jamaica then...
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...Regional Integration for and Against Articles MGT/448 2014 Regional Integration for and Against Articles Regional Integration Trade blocs are agreements to help reduce trade barriers between participating states, regions, or countries ("trade bloc," 2014). The concept of regional economic integration takes the trade bloc concept and centers it into different regions on the globe. Regional economic integration is an agreement to reduce regional trade barriers, remove tariffs and non-tariff barriers that will hinder the flow of free trade of goods, services, and factors of production among countries in a geographic region (Hill, 2009). There are many regional trade blocs in place today that have achieved harmonious and non-harmonious integration. Following is a closer look at some of the advantages and disadvantage one trade bloc that is situated in the Caribbean region named, Caribbean Community (CARICOM) and its expansion into CARICOM Single Market and Economy (CSME). Caribbean Community (CARICOM) The Caribbean Community (CARICOM) was established in July 1973 as an expansion of the former Caribbean Free Trade Association (CARIFTA) that had been in place for seven years prior ("Caribbean community (caricom)," 2014). The CARICOM trading bloc profile states that it goes beyond the normal boundaries of free-trade to encompass programs that will sustain economic development within the region ("Caribbean community (caricom)," 2014). States located outside the CARICOM...
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...Integration Integration is the process of attaining close and seamless coordination between several departments, groups, organization, systems, etc. (Integration). Regional Integration is “an arrangement for enhancing cooperation through regional rules and institutions entered into by states of the same region. Regional integration could have as its objective political or economic goals or in some cases, a business initiative aimed at broader security and commercial purposes. Regional integration could have an intergovernmental or supranational organization” (Regional Integration). Integration usually occurs between several types of countries which can be labelled into three categories: these are developed countries, developing countries and underdeveloped countries. Interaction between these countries in the different categories leads to integration among these countries. Integration, especially regional integration, is found among, developed and developing countries, between just developing countries and or developed and underdeveloped countries. Trade is a major core aspect which builds integration between countries, also their geographic location. Countries which have a common geographical location develop a regional integration among companies. An example is Caribbean Community (CARICOM). In the article , The Building Blocks of Successful Regional Integration Lessons for CSME from other Integration Schemes, the authors Rachel Simms and Errol Simms quoted integration...
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...on the Caribbean business environment. Much has been written about globalization which is more accurately viewed as a process of change rather that an event which has already occurred. The impact of globalization on any environment can be both positive and negative and can be described as the enablers or the constraints which affect the decisions made by leaders, both government and business. It also refers to the way these choices affect the lives of all people. Scholars David Held, Anthony McGrew, David Goldblatt and Jonathan Perraton developed a general framework for understanding the process and characteristics of globalization. The authors said that, “in its simplest sense globalization refers to the widening, deepening and speeding up of global interconnectedness. They also suggest that the process of Globalization does not only have one kind of impact or outcome but four different types namely Decisional, Institutional, Distributive and Structural: • Decisional impact. How does globalizing processes affect how individuals, corporations, organizations and governments make decisions? • Institutional impact. How does globalization change the agendas of organizations and individuals, structure their choices and influence their preferences? • Distributive impact. How does globalization change the way wealth and power are distributed within and among countries? • Structural impact. How does globalization structure patterns of behavior (social, political, economic, etc...
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...A BRIEF HISTORY OF THE CARIBBEAN COMMUNITY (CARICOM) WEST INDIES FEDERATION Established in 1958, the West Indies Federation comprised the ten territories of Antigua and Barbuda, Barbados, Dominica. Grenada, Jamaica, Montserrat, the then St. Kitts-Nevis-Anguilla, Saint Lucia, St. Vincent and Trinidad and Tobago. The Federation was established by the British Caribbean Federation Act of 1956 with the aim of establishing a political union among its members. Although a plan for a Customs Union was drawn up, emphasis was not placed on the economic aspect of Federation during the four years of its existence. Economically, the Region remained as it had been for centuries, and not even free trade was introduced between the member countries during this period. The West Indies Federation came to an end in 1962 but its end, in many ways, must be regarded as the real beginning of what is now the Caribbean Community. The end of the Federation meant the beginning of more serious efforts on the part of the political leaders in the Caribbean to strengthen the ties between the English-speaking islands and the mainland territories, Guyana and Belize, by providing for the continuance and strengthening of the areas of cooperation that existed during the Federation. To this end, in mid-1962, a Common Services Conference was convened to take decisions on these services, the major ones among them being the University of the West Indies (UWI), founded in 1948 and the Regional Shipping...
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...Caribbean Community and Common Market The Caribbean Community and Common Market (CARICOM), was establish in 1973 with the Treaty of Chaguaramas. The purpose of the CARICOM is to promote economic integration and development. The CARICOM main focus was in less developed areas of the region. There are many nations part of the CARICOM such as Belize, Trinidad and Tobago, Jamaica, Haiti, Barbados, and the Bahamas, just to name a few. In total there are 15 nations in the CARICOM and 5 associated nations. The CARICOM manages a common market and creates policies on education, labor, science, technology, tourism, health, foreign policy, and the environment. Moreover, there are other institutions associated with the CARICOM such as: the Caribbean Development Bank, the University of Guyana, the University of the West Indies, and the Caribbean Court Justice, which was established in 2005. Lastly, the CARICOM replaced the Caribbean Free Trade Association. Major Article Summary The article of choice is focus on the different pillars of the CARICOM. The article mentioned how the CARICOM developed 5 regional health institutions; they also invested in tertiary-level institutions, and the Caribbean Cooperation in Health, which is the guide for the regional health agenda for the CARICOM states. In 1989, the government decided to fashion the Caribbean Single Market and economy to improve the ability of the CARICOM. This will allow the CARICOM to insert itself more advantageously into the...
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...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? Submitted by: VITRA SINGH (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 INTRODUCTION 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 Trinidad. My Dell laptop is on the table in front of me and my Nokia phone is next to it. My roll-on hand luggage is at my feet, a SwissGear brand, bought in London with a tag on the side which reads ‘Made in China’. Across the table from me, sits a group of young American men on their way to Beijing. Announcements in the background call the departure of an Air France flight. A family walks by; a man, a woman and a girl of about six. The man calls out to the little girl and his accent confirms for me, his East Indian heritage. The girl’s attention is absorbed in a bright pink Nintendo DSi. Later at the gate, a seventy five year old woman from Nebraska, sits next to me and tells me that she is on her way for an ‘overseas adventure’ in South America. She has always wanted to do this, she says, handing...
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...The Caribbean, a region comprising of some 30 countries, is largely known for leisure and relaxation as tourist bask in the Sea and Sun. However as small economies the question of how these economies can shape their futures, has always been at the fore-front of its political minds. Thus recognizing the power of unity, a number of these countries have forged together into a force that can compete on the world stage, now known as the “Caribbean Community and Common Market” i.e CARICOM. However there have been many challenges and the road ahead is uncertain. The Trinidad Guardian, April 26th 2012, asked the question “Caricom, soon to be Carigone?” The relevance of this question is of concern for all citizens that form part of the Caribbean Community. Whether aware or not the impact or lack thereof, of CARICIOM affects the way of life of the persons in the Countries that make up this Community. the genesis of caricom The states making up the Caribbean have long recognized the value of unity and integration and in 1958 established the “British West Indies Federation”, which was done made up of 10 states. The Federation ended in 1962; however the idea of a unified Caribbean Community did not end. In 1965, three Caribbean countries signed an Agreement at Dickenson Bay Antigua, to set up the Caribbean Free Trade Association (CARIFTA), which came into effect on May 1, 1968, and eventually included 11 member states. In October 1972 at the Seventh Heads of Government, the Caribbean leaders...
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...communication, transportation and trade. However, in this study, the focus will be on the economic dimensions of globalisation whether positive or negative. According to, Kendall 2008, “Soros, who has a more limited but very important perspective nevertheless, equates globalisation with “the free movement of capital and the increasing domination of national economies by global financial markets and multinational corporations.” Accordingly, globalisation here is defined simply as the integration of markets for goods and services, capital and labour. Globalisation has had great impacts on increased trade and corporate outsourcing, cash flows and the implementation of fiscal policy reforms in the Caribbean region. Firstly, with the increase of trade through globalisation it provides a notable opportunity for increased exports because of the dynamism of trade. Secondly, corporate outsourcing with the increase of trade volumes enhances the income flow into a region. Thirdly, structural reforms facilitated significant increase cash flow in the Caribbean. Fourthly, the implementation of fiscal policy reforms were designed to reduce expenditures and increase revenues. Firstly, with the increase of trade through globalisation it provided a notable opportunity for increased exports because of the dynamism of trade. According to, Shelah, 2006, “During the 1990s, the trade regime in the Caribbean region underwent important changes, signalling a desire to move away from the inward-looking...
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...The Caribbean Community (CARICOM) is an organisation of 15 Caribbean nations (see chart N°1), 12 islands and 3 larger coastal nations in and around the Caribbean sea, bordered by the Atlantic Ocean , The Gulf of Mexico, The United States and South and Central America. This community was established by the Treaty of Chaguaramas which came into effect on August 1973 and which was signed at first by only 4 countries : Barbados, Jamaica, Guyana and Trinidad and Tobago. CARICOM was built in order to promote an economic integration and a real cooperation between its members, in order to coordinate foreign policy and in order to ensure that the benefits of integration are equally shared. Its aim was to take part in the international trade scene . In 1989, 13 of the 15 members of the CARICOM decided to change the strategy and to become a single market economy (CSME) so as to better and deeper integrate the members , to widen the membership and to expand the economic mass of the Caribbean community, and to progressively insert the region in the global trading and economic system. Almost 40 years after the creation of the CARICOM, we could ask ourselves about the efficiency of this trade bloc, about its successes and failures. It seems that the CARICOM managed to reach some of its objectives but that its expansion was blocked by several important negative factors. Let’s try to understand what happened. As we said, , the creation of the CARICOM and the CSME...
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...The Rise and Fall of the British West Indian Federation HIS 371 Dr. Keith Tinker, Ph.D. April 16, 2015 Lashawn Brown The Rise and fall of the British West Indian Federation can be better understood, if we first understood the history of how the British came to occupy the Caribbean. To do this let us first focus on what was before and what eventually came to be. With that being said, this is an informative essay that is an attempt to discuss the plight of the British colonies in the Caribbean in terms of the rise and fall of the ‘West Indies Federation’ and its future replacements CARIFTA and CARICOM because of the Federation’s failure. This was all done in an effort to propel West Indian nations from colonialism to self-governance and economic self-sufficiency. There was no significance to the Caribbean until the year 1492, when Christopher Columbus set sail to the east on behalf of his country Spain. Columbus set sail in search of wealth, specifically gold and a better trading channel between Spain, China and Japan. His mother land Spain, was at that time, one of the four principal European powers to colonize the Caribbean by the early seventeenth century. The other three principal powers were the Dutch, the British and the French. While on his journey, which should have been easterly, Christopher Columbus somehow ended up in the west where he stumbled upon some islands; his search for the country in the East was unsuccessful. On the islands, situated in the west...
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...Caribbean Development: An Overview Paul Sutton * Development is generally recognised as a complex multifaceted process of economic, social, political, environmental and cultural change, which results in increases in the well-being of people and extends their rights and choices in the present without compromising the abilities of future generations to enjoy these benefits. In the Caribbean the economic, social and political elements of development have held centre stage in the last fifty years. Typically they have been (and are) represented in the form of rising incomes (greater Gross Domestic Product per capita), social progress (improved welfare through education and health programmes and gender equality) and political freedoms (independence, administrative efficiency and democracy). In the last fifteen years environmental issues have slowly risen on the development agenda as well as, more recently, cultural issues such as artistic expression and various forms of identity. Any exploration of development in the region is therefore very wide. The focus of this paper is on the traditional agenda - economic, social and political development in that order. This is not because these aspects are in any sense ‘superior’ to other forms of development (although the economic dimension remains dominant within the development discourse and within the Caribbean), but because it permits the long view - to look back at development policy to situate where the theory and practice of development...
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...Small and Medium Size Enterprises (SME’s) are the driving force for the promotion of a Caribbean. Due to its significance, all of the Caribbean countries either developed or developing are concentrating on the development of SME’s. It is an important fact that encouraging entrepreneurship through (SME’s) is a key to improve competitiveness, boost trade volume, fostering economic activities and creation of job opportunities. Small enterprises are considered as main driver for innovation, poverty reduction, employment generation and social integration. Due to innovation in SME sector, the production capacity may amplify which has significant impact for the promotion of economic and social development in the Caribbean. In the Caribbean, although there has been a long history of entrepreneurship spirit, the SME development was slow and limited to the few sectors that were available. It was only in the early eighties where some diversification took place with the start of the tourism development. Since then, Tourism has become the main economic activity of many countries and destinations in the region. Two decades later, all related SME developments in the hospitality, the light manufacturing, agro-processing and the service sectors seems to be insufficient to give us a competitive edge in keeping up with the world’s economic and social developments. One thing everybody agrees on is that, regardless the size or the nature of any economy, no effective Globalization is possible without...
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