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Globalization can be defined as the increased connectivity and interdependence of the world. The aim of globalization is to allow countries to function as though there are no international borders among them. This therefore presents globalization as the key to allowing the world to become a “global village.” The term global village is where multicultural ideas and practices can be freely exchanged among the countries that make-up the globe. The main objective of globalization is to create a ‘level playing field’ for all countries in areas such as; employment, finance and technological innovation. For globalization to accomplish its goals there must be facilitators of development to assist in attaining those goals; therefore Multilateral Institutions were introduced. A multilateral institution is an agency where many different countries are able to participate equally with one another. Some of these multilateral institutions are; The World Trade Organization (WTO) an international body which oversees the rules of international trade, The World Bank which is responsible for the internationalization of trade and services (mostly financial), and The International Monetary Fund (IMF) who’s main focus is on fostering financial stability worldwide.

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Caribbean Integration can also be referred to as  Regional Integration. Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. Usually integration involves one or more written agreements that describe the areas of cooperation in detail, as well as some coordinating bodies representing the countries involved. This co-operation usually begins with economic integration and as it continues, comes to include political integration. Regional Integration in the Caribbean is mainly through the Caribbean Community, or CARICOM. In addition, member states in the sub-region are members of the Organisation of the Eastern Caribbean States (OECS),("Caribbean Elections | Regional Integration").

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Caribbean Elections | Regional Integration

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Regional integration is the process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. Usually integration involves one or more written agreements that describe the areas of cooperation in detail, as well as some coordinating bodies representing the countries involved.

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Efforts at Caribbean/ Regional Integration

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Efforts at Caribbean/ Regional Integration

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Throughout the years the Caribbean has attempted to form a regional identity that can encompass the various Caribbean countries and present them as one body made up by a group of nations. One of the many attempts at Caribbean/Regional Integration is CARIFTA; formed in 1968 was concerned with economic integration and trade. They accomplished this by removing trade barriers/ tariffs on intra-regional trade in goods produced within the region. CARIFTA's members consisted of Anguilla, Antigua, Barbados, British Honduras, Belize (in 1971), Dominica, Grenada, Guyana, Jamaica, St. Kitts and Nevis, St.Lucia, Montserrat, St Vincent and the Grenadines and Trinidad and Tobago.
After CARIFTA was established, CARICOM was formed in 1973. Caribbean leaders signed the Treaty of Chaguaramas; Caribbean Community and Common Market (CARICOM).  CARICOM was established to create a common market for internal free trade and common tariffs on external trade. This was meant to aid the Caribbean region with capital and labour within the region.
The Treaty of Basseterre in 1981 signed on the Organisation of Eastern Caribbean States (OECS) for economic cooperation among the the Eastern Caribbean; Antigua and Barbuda, Dominica, Grenada, Montserrat, St Kitts and Nevis, St Lucia and St Vincent and the Grenadines.

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Regional Integration; What it was mean to achieve

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Regional Integration; What it was mean to achieve

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Deeper regional integration to allow cost sharing and risk pooling would promote stable growth. Small economies often lack the resources to make large public investments. Investing in shared public services, such as a regional transportation infrastructure, would allow cost pooling and improve connectivity in the region. The Caribbean Catastrophe Risk Insurance Facility is an example of effective and attractive risk pooling mechanism able to mobilize emergency funds within the first two weeks of a disaster.

Counter-cyclical fiscal policy can help mitigate the impact of trade volatility in the OECS. Adopting fiscal responsibility laws and fiscal rules is key for these countries, allowing them to save more during good times in case natural disasters or economic shocks occur. Grenada is setting the example in the region and recently adopted a medium-term fiscal framework anchored on clear spending rules.

A stronger financial sector remains a priority, particularly for Eastern Caribbean countries. A new Banking Act to improve banking supervision and future consolidation has been passed, which is an important step to improve access to finance. ("Caribbean Countries Can Benefit From More Regional Integration, World Bank Says")

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WASHINGTON, March 30, 2017 - New World Bank analysis launched today at a conference co-organized with the Miami Herald " The Caribbean Dilemma " highlights common challenges faced by small economies and identify shared solutions to generate sustainable growth in the region.

"The Caribbean has tremendous economic potential and growth opportunities", said Tahseen Sayed, World Bank Country Director for the Caribbean. "This conference takes a long-term view and focuses on key priorities and policies for the region that can help boost growth, building on lessons from other small economies".

A new World Bank study "Open and Nimble: Finding Stable Growth in Small Economies" shows that economic size measured by the size of working age population does not matter to the development and economic growth of countries in Latin America and the Caribbean. In fact, some of the smaller economies in Latin America and the Caribbean such as Panama and the Dominican Republic are growing much faster than the region's giants.

"The analysis shows that while small economies are more open to trade and foreign investment, and highly specialized in their export sectors, they are also more nimble and able to change the structure of their economies and exports overtime", said Daniel Lederman, World Bank Deputy Chief Economist and lead author of the report. "Being more nimble can help them remain competitive when facing external shocks. In fact, small economies such as Costa Rica and Caribbean countries have been more successful in reinventing themselves than larger economies".

Another World Bank report "Taming volatility: Fiscal Policy and Financial Development for Growth in the Eastern Caribbean" shows that countries in the Organization of Eastern Caribbean States (OECS) experienced volatile growth due to their openness to trade, limited economic diversification, exposure to natural hazards, and fiscal policies.

"Tourism is the most important industry in the OECS, ranging from 26 percent of GDP in St Vincent and the Grenadines to 74 percent of GDP in Antigua and Barbuda. Because these are small economies, diversifying sources of growth and revenue is difficult, which makes them particularly vulnerable to trade volatility", said Francisco Carneiro, World Bank Lead Economist for the Caribbean.

The authors lay out key priorities to promote sustainable growth in the Caribbean and other small economies:

Deeper regional integration to allow cost sharing and risk pooling would promote stable growth. Small economies often lack the resources to make large public investments. Investing in shared public services, such as a regional transportation infrastructure, would allow cost pooling and improve connectivity in the region. The Caribbean Catastrophe Risk Insurance Facility is an example of effective and attractive risk pooling mechanism able to mobilize emergency funds within the first two weeks of a disaster.

Counter-cyclical fiscal policy can help mitigate the impact of trade volatility in the OECS. Adopting fiscal responsibility laws and fiscal rules is key for these countries, allowing them to save more during good times in case natural disasters or economic shocks occur. Grenada is setting the example in the region and recently adopted a medium-term fiscal framework anchored on clear spending rules.

A stronger financial sector remains a priority, particularly for Eastern Caribbean countries. A new Banking Act to improve banking supervision and future consolidation has been passed, which is an important step to improve access to finance.

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Caribbean countries can benefit from more regional integration, World Bank Says

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WASHINGTON, March 30, 2017 - New World Bank analysis launched today at a conference co-organized with the Miami Herald " The Caribbean Dilemma " highlights common challenges faced by small economies and identify shared solutions to generate sustainable growth in the region.

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Issues with Regional Integration; where it fell short 

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Issues with Regional Integration; where it fell short 

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Regional Integration was meant to aid in Caribbean development as it was meant to present a united front as Caribbean countries would appear “stronger together” having shared resources among the islands as well as improved market size. Integration was also meant to assist the Caribbean in developing its own equity/equality among other countries on the global map.
However, regional integration was perceived by some nation-states as a threat to autonomy and economic survival since all countries were not receiving equal benefits or equitable benefits.
Countries have not equally benefited from Regional Integration since countries with stronger economies such as Trinidad and Tobago have benefited from free trade as compared to other countries.

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Becoming Citizens of a Global Village and what it means for the Caribbean 

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Becoming Citizens of a Global Village and what it means for the Caribbean 

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The expansion of free trade (trade liberalization); the removal of tariffs on imported goods, this may cause problems where foreign goods are cheaper and local products are sold scarcely.

Measures to tighten efficiency; increase output and reduce production costs.

Exploitation of workforce in developing countries through outsourcing; individuals may face low wages, poor working conditions and seasonal employment.

Homogenization of institutions; similarities in trade, finance and capital flows as a result of advice from multilateral organisations. (Mohammed)