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Side effects of globalization
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Life and Debt, a documentary directed by Stephanie Black in 2001, highlighted the alarmingly negative impacts of economic and political globalization on Jamaica. The film discussed the consequences of the structural adjustment policies imposed by the Bretton Woods Institutions on Jamaica. Such policies were tied to the international spread of embedded liberalism and neoliberalism; both of the concepts were referenced in the textbook. After the late 1970s, a theory that economic growth is the result reducing government spending, opening up markets to free trade, and privatization arose. This idea of neoliberalism is the basis of the conditions imposed in the SAP. In a world where barriers are decreasing to allow for the spread of ideas, we find our interconnected world increasingly spreading and prioritizing ideas of free trade and the unrestricted flow of capital. I present the perspective that this has lead to vast disparities between the rich and the poor, not just within a nation, but also between different countries of the globe. Some countries became increasingly privileged and benefitted …show more content…
Upon closer examination and analysis of the social and economic conditions in the country, we were able to clearly grasp the consequences of the SAPs imposed by the Bretton Woods Institutions, specifically, the World Bank and the IMF. SAPs were explicitly designed for countries that are unable to meet debt obligations. In order for Jamaica to obtain loans to relieve their economic crises, they must implement certain policies in their country, as explained in the documentary. The policies set by the World Bank and IMF included a reduction on public sector spending, devaluation of currency, deregulation and privatization, and trade liberalization, all of which, as we will see in the following cases, made a harmful impact on the quality of life of Jamaican
Wealth inequality did not always exist in human life. In fact, “Human life have not only been changed, but revolutionized, within the past hundred years” (Carnegie 1). There used to be
The Politics of Change: A Jamaican Testament. Michael Manley. Howard University Press. Washington D.C. 1990. (tpoc)
Landes, D., 1999. The Wealth and Poverty of Nations: Why Some Are So Rich and Some So Poor. New York: W. W. Norton & Company, 38-59
Hart Research Associates, 2010. Reich, Robert. “Why the Rich Are Getting Richer and the Poor Poorer.” The Work of Nations.
Life and Debt “The economy today is much more under the control of foreigners through debt and not ownership.” States a gentlemen from Jamacia in the film Life and Debt. The country of Jamacia is a prime example of globalaztion impacting international debt because Jamaica is unable to build a strong econmony. Through tourism, the International Monetary Fund (IMF), and native framers unable to sell their produce increases inequality in their national debt.
Not only is Jamaica struggling with drug gang violence, which reflects why the have one of the highest murder rates in the world; they also deal with immense discrimination and poor education (Chung). Children are taught discrimination at an early age, still to this day students in Jamaica’s school system take a test which reflects if they will fail or succeed in life and by your result you are sent to certain schools (Chung). Jamaica has not made near the advancements since World War II as many other countries involved in the same decolonization, you can see this in their daily life and what is happening so much that it is being considered normal. “* In 2012, our GDP per capita is the same
“Why the Rich are getting Richer and the Poor, Poorer” written by Robert Reich, describes as the title says, why the rich are getting richer and the poor, poorer. In Reich’s essay he delves into numerous reasons and gives examples of each. It makes one wonder if the world will continue on the path of complete economic separation between the rich and the poor.
Not only is the past still apart of Jamaica, where the country still acknowledge the Westminster Parliamentary System of Government therefore, keeping ties with the British Head of State, Her Majesty the Queen, the country’s consistency to the plantocracy system, the division of people among the various racial classes still existing but, currently the country is unable to control its own financial assets due to the bond that it has with the Inter- Government Organization known as the International monetary fund, whose main purpose is to assist in the stabilization of the country’s economy. Through these various cases will an evaluation be executed, in order to analyses whether the path to independence was charted by the Jamaican Caribbean state or pre-planned by it
Situated just south of Cuba in the Caribbean Sea, Jamaica is well known as a popular tourist spot and the birthplace of reggae music. Populated initially by native Arawak Indians, who gave the island its name, “land of wood and water (Jamaica).” However, this beautiful land’s almost pristine beauty was shattered by outbursts of violence surrounding the 1980 political elections. This fighting was sparked by the people’s mistrust of the ruling socialist party at the time. The reasons for this fighting and this mistrust are not simple, they are intrinsically tied to the island nation’s history from the beginning of its colonial period five hundred years before.
4) Petras, Elizabeth McLean. Jamaican Labor Migration: White Capital and Black Labor, 1850-1930. Westview Press, London; 1988.
The disparity between the poor and the wealthy is substantial. There is an obvious gap between the social class of the rich and poor in capitalism. Wealth is earned and no one is given
The bank failure in Jamaica illustrates how negative mindsets and behaviors can devastate the financial system and disrupt economic growth. The primary role of any bank is to safeguard its customer’s money, offer interest rate on deposits, lend money to creditworthy individuals, and make sound investment decisions to maximize shareholder value. Because of rapid economic growth between the late 1980s and early 1990s in Jamaica, the Central National Bank (CNB) and Worker’s Savings and Loans Bank (WSLB) loosened their monetary policies, provided preferential interest rates and extended credit beyond what was reasonable to members of its own board of directors, managing directors, and officers of the bank. These actions posed significant risks to the bank and its future.
The British had quite an impact on the economic, political and social development of Jamaica. One important factor here was the slave trade, which took place not only in Africa, but Jamaica as well. England’s government was also a big factor in influencing the political ways of Jamaica. Before Jamaica was conquered by England, it had a military government, but England installed a civil government based on the principle of the right of the governed to have a voice in the making of laws. At this time King Windsor ended martial law and appointed a twelve-member council of Jamaica.
It is now 51 years since Jamaica gave birth to its independence, however it is like a baby whose umbilical cord was never severed after birth. The baby grows up, undeveloped with limited mobility, still attached to its mother by an extended umbilical cord. This attachment restricts the baby’s movement while giving an uncaring mother a great degree of control; she can impose her will, put unfair demands on the child, withhold food, and take from the child if the child does not conform to her wishes. This metaphor is a depiction of neocolonial control over the island.
The documentary Life and Debt portrays a true example of the impact economic globalization can have on a developing country. When most Americans think about Jamaica, we think about the beautiful beaches, warm weather, and friendly people that make it a fabulous vacation spot. This movie shows the place in a different light, by showing a pressuring problem of debt. The everyday survival of many Jamaicans is based on the economic decisions of the United States and other powerful foreign countries.