Trade Barriers In Jamaica

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Jamaica is home of the phrase “be happy, don’t worry,” and is a popular tourist spot that foreigners escape to for a temporary slice of paradise. Given the success of the tourist industry, it is easy to mistake Jamaica as a thriving country with the locals living blissfully in paradise; the clip from “Life and Debt” completely dispels these notions and introduces the negative effects that have developed from free trade policies that were recommended by the International Monetary Fund. International Monetary Fund representatives in the clip present globalization and free trade as a form of economic liberation that would bring Jamaica economic success despite its small size. An IMF representative in the clip states that, “Jamaica is a very small…show more content…
The IMF representative in the clip claims that, “They needed to expand their exports and diminish their imports and the best way of doing that is to make foreign currency more expensive.” Whether done intentionally or not, the only economies that seemed to have prospered from this new relationship and reduced trade barriers are those countries that are already economically sufficient. Judging from the negative effects that befell Jamaica when it reduced its trade barriers, it could be concluded developed countries were looking for new markets to import their goods and set their eyes on Jamaica, a tiny country that they could easily intimidate into submission. In the video clip, vendors complained about the large amounts of foreign fruits and vegetables that were now in their market and stated that these imports were hurting their businesses. While local farmers are failing to find a market for their produce, foreign countries have found a market for their exports in the local supermarkets. As mentioned in the video clip, supermarkets seemed to be doing well with the overseas produce because they are being sold for less than the local produce. The reduction of trade barriers has introduced a new competitor to Jamaican markets that mirrors
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