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By Richard L. Bernal (auth.)

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Extra info for Globalization, Trade, and Economic Development: The CARIFORUM-EU Economic Partnership Agreement

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A debate about the EPA emerged in the CARICOM countries in which the view was expressed that trade liberalization could be harmful to small, open developing countries. The view was an amalgam of different perspectives including apprehension about globalization and some who were in denial about the erosion of preferential trade arrangements. At times the EPA was portrayed as full blown free trade. In a world economy experiencing rapid and profound globalization, a certain amount of trade liberalization is unavoidable; hence, there was little point in trying to avoid liberalization or trying to postpone any liberalization indefinitely.

Ironically, even the private sector has a view that they are in a small economy that “needs” development assistance. The attitude goes beyond the self-interested recognition that foreign aid contributes to the government’s capacity to support their activities with physical infrastructure and services. It takes the form of a mixture of a sense of entitlement and a perceived need among some in the political leadership and among the senior civil servants. The governments of the CARIFORM region are habituated to drawing up the capital expenditure of their budgets based on the amount of project financing they anticipate from external aid agencies and loans from multilateral financial institutions.

8. Global Connectedness Rapid and continuous innovation in the technologies for handling and communicating information has transformed social, economic, and political life in every part of the planet. The instant global availability of information via satellite, computers, and telecommunications technology has irrevocably changed all aspects of human life. 47 Technological developments in telecommunications, computerization, and informatics have eliminated the barriers of distance and time, resulting in the reconstitution of the world into a single social and psychological space.

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