Eco (7 - Cari Econ in Global Enviro)

7: CARIBBEAN ECONOMIES IN A GLOBAL ENVIRONMENT

Students should be able to:
1. list the main characteristics of Caribbean economies;
2. state the major economic problems associated with Caribbean economies;
3. explain the meaning of terms and concepts associated with Caribbean economies;
4. explain the concept of preferential tariff arrangements;
5. identify the benefits and costs derived from CARICOM’s participation in preferential trade
arrangements;
6. explain the concept of trade liberalization;
7. explain the concept of globalization;
8. state the major economic features of globalization;
9. list the benefits to be derived from large scale production of goods;
10. list the benefits to be derived from the Caribbean Single Market and Economy (CSME);
11. state the effects of globalization and trade liberalization on territories, firms, consumers and
governments in the Caribbean;
12. identify development strategies that Caribbean governments may use in a globalised economic
environment;
13. explain the concept of e-commerce;
14. list the benefits of e-commerce;
15. outline the challenges of e-commerce

CONTENT
1. Main characteristics of Caribbean economies: market size, resources, nature of dependency.
2. Economic problems associated with Caribbean economies.
3. Definition of the following terms and concepts:
(a) debt burden;
(b) structural adjustment;
(c) economic integration;
(d) protectionism;
(e) laissez-faire;
(f) common market;
(g) economic union;
(h) customs union;
(i) globalization;
(j) trade liberalization;
(k) bi-lateral agreement;
(l) multi-lateral agreement;
(m) International Monetary Fund (IMF);
(n) Caribbean Community (CARICOM);
(o) African, Caribbean and Pacific (ACP);
(p) Free Trade Area of America (FTAA);
(q) Association of Caribbean States (ACS);
(r) Caribbean and Canadian Association (CARIBCAN)
(s) Caribbean Single Market and Economy (CSME);
(t) World Bank;
(u) Organisation of Eastern Caribbean States (OECS);
(v) European Union (EU);
(w) Caribbean Basin Initiative (CBI);
(x) Caribbean Development Bank (CDB);
(y) Foreign Direct Investment (FDI).
4. Definition and explanation of preferential tariffs including those offered by the European Union
(EU).
5. Benefits and costs of preferential tariff arrangements in light of discussions within the World Trade
Organisation (WTO).
6. Trade liberalization in the context of the termination of all preferential tariff arrangements
worldwide.
7. Globalization in the context of open competition on a world scale.
8. The free movement of goods, capital, labour and technology.
9. Social and economic benefits of producing goods in large quantities.
10. Possible social and economic benefits to be derived from the free movement of capital, goods and
labour within CARICOM.
11. Effects of globalization and trade liberalization on firms, consumers and the sovereignty of
territories.
12. Concept and challenges of e-commerce.
13. Definition of e-commerce or e-business.
14. Benefits of e-commerce or e-business.
15. Challenges of e-commerce or e-business