Three Evident Changes Emanating from Globalization

The world has become a melting pot with people's interactions from many different ethnicities. This phenomenon is mainly attributed to globalization, which has heavily impacted institutions of the world. Globalization is the shift to a more interdependent and integrated global economy that often creates a wide range of business opportunities (UWI Open Campus, 2016). Globalization facilitates pathways for interactions between different countries, ethnicities, and cultures, which has resulted in the melting pot that has produced successful business markets around the world.

Globalization has produced both negative and positive outcomes that influence numerous societies. The globalization debate surrounds the impact that the internationalization of business is having on the cultural, consumer and national identities of nations (Carpenter & Dunung, 2011). These advantages and disadvantages can be seen in local companies like Red Stripe. The most apparent change is their rapid expansion over the past two decades. Globalization allowed the brand to tap into multiple overseas markets, winning the 'monde selection' in 2003 and 2004 realized export volumes exceeding domestic volume and consumption. Red Stripe then managed to expand into the global market garnering attention from Heineken, and in 2015 they [Heineken] secured a majority of the market shares for the company (RedStripe, 2021).

Focus has been placed on the public sector's capacity to create an enabling environment that fosters growth, so the private sector can take advantage of market opportunities that have been provided by globalization (Payne & Sutton, 2007). While these opportunities are attributed to globalization, it may be argued that it is also responsible for this reliance on multinational companies. This is so as lax regulatory environments make local companies unable to properly secure foreign markets (UWI Open Campus, 2016). As previously mentioned, they have to rely on multinational corporations to gain a foothold in the global market, as we have seen with RedStripe and Heineken. This debate will always depend on the people impacted and is, therefore, difficult to consider it negative or positive. Despite this ongoing debate, the Caribbean must identify what problems hinder development and seek solutions that will aid in the region's development.

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