Economic Globalization- Life and Debt - 1516 Words

Economic Globalization- Life and Debt The world is constantly becoming smaller and smaller as time progresses. A process of globalization is rapidly turning the world as we know it into economic opportunity waiting to be exploited. A large factor in this process is due to the advent of technology which is becoming more and more readily available to lesser developed countries. Countries such as Jamaica and other LDC’s are primary targets of economic globalization. In the film Life and Debt by Stephanie Black, we see the effects globalization has on Jamaican culture, industry, and agriculture. In order to discuss the effects of globalization, it is important to assess what economic globalization is defined as. Economic globalization is the†¦show more content†¦The powered milk became such a commodity that the local produce dairy farms couldn’t sell their milk. A memorable scene in the film was when the dairy farmers had to spill out all their surplus milk that was only a days worth to make room for new milk since it wasn’t being consumed. A dairy farm used to produce 3,000 quarts per day and after America subsidized the milk industry, dairy farms were producing only about 600 liters. Dairy farmers were run out of their businesses and it’s sad to say but some dairy farmers were forced to convert to butchering their cows in order to make profit (Black). The Jamaican economy in 1970 was 800 million dollars in debt and by the time of the year 2000 the debt had reached an alarming 7 billion dollars. In order to service its accumulated debts Jamaica set up Exporting Processing Zones or EPZ’s. The free zones created lots of employment to jump-start the economy. The free zones themselves were separate entities to Jamaica, similar to the US-owned cemetery for the WW2 soldiers in Normandy. In this way, the supplies needed for manufacturing never really enter Jamaica, thus allowing for cheap imports. The factories had their downsides though. Workers were only paid in Jamaican dollars about 30USD per week while some were paid that for two weeks. Every two weeks, money was taken out as taxes which angered the JamaicansShow MoreRelatedLife And Debt And My Readings935 Words   |  4 PagesFrom my analysis of the film Life and Debt and my readings, I have come to the opinion that economic globalization works in favor of powerful and wealt hy countries while undermining the interests of poorer, less developed countries to cultivate their own economy and establish a substantial quality of life for their civilians. 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