The effects of globalization in The Bahamas

Document Type:Research Paper

Subject Area:Economics

Document 1

Globalization is not actually driven by the government but instead its technology driven, the Bahamas technology is one of the notable technologies which have taken globalization to another level (Weaver and David Bruce, 11-25). Bahamas was able to directly access foreign investments directly from the foreign investors; this trade is actually what led to an increase in trade territories which in return improved the economy as well as the lives of its people. Bahamas as one of the globalized countries on business matters have been in the fore front in marketing its main products most of their products being for exports, currently the Bahamas entrepreneurs are among the notable business men and women in the world. The Bahamas globalization has contributed to the diversification of its culture to accommodate the rest of the world, the realization of both globalization and diversification has greatly contributed to the financial stability as well as wellbeing (Standaert, et.

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al 225-250). After globalization it followed many agreement signed on tourism and finance as well as other countries coming to the Bahamas to explore hence promoting industrialization in the Bahamas. Through globalization there was adverse creation of jobs for the youth of Bahamas as well as creation of the available opportunities which come on due to the increase technological advancements, earlier before globalization was experienced in the Bahamas there was a large number of unemployed youths who were actually living under hand and mouth (Standaert, et. al 225-250). Visiting Bahamas now one will have different view since you can meet people who are ever busy in making for themselves a living, you could not easily identify an idle group of youths as it used to happen when you walk in the streets what you can see now is a different picture of the Bahamas.

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The change in economic developments have contributed to the growth of the economy by far in that there was nothing that have deterred it from coming into terms with the reality, it was true that indeed globalization have lead many advancement on their industries as people were able to move from country to the other to transact business , there were no existing boundaries which could prevent them from doing business since through globalization people were able to see the difference between what they can offer with what their partners can actually offer in return(Claessens et. Through this exposure they were able to freely interact with the outsiders hence bringing them into the full realization of the people they live with hence coming up with the better strategies to better their life’s, they were able to create more facilities which were not initially available before globalization in the Bahamas.

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However, on the other hand globalization can have negative impacts on the economic development or the social life of the people who are currently living in the country, there are many foreigners who have come to Bahamians in the name of business with the locals and they have acquired properties all over (Hamori et. al. There is actually no guarantee that the current investments which we are currently seeing at the Bahamians will benefit the local communities. These investors some of them do not put the interest of the community living around into consideration, they believed that their businesses in the main priorities and that is why they can’t considering the environment they are living in. The citizens of Bahamas have in the recent years rise up to defend their small companies by hold the anti-globalization campaign which was aimed at not only removing the foreign investors but also to enforce laws and regulations which will benefit the locals.

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Some companies do not even offer employment opportunities to the Bahamas citizens but instead they end up importing their workforce from their countries of origin, these are some of the acts which have ignited the anti-globalization movement (Liu, Nairong, et al. Similar demonstrations are what have led to the formation of the world trade organization whose main aim was to ensure that there is a free an healthy business operation in the world, this body monitors the operations of the internationally accredited companies so that they cannot interfere with the operations of the local communities. Conclusion It is indeed evident that globalization is a process which involve the transactions of business operations globally, Bahamas as one of the major countries which have experience globalization had its impact being appreciated the citizens at last.

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