Globalization brings a variety of advantages to both developed and developing countries. Increase in business activities is regarded as an indicator of increasing income which in turn contributes to economic growth and development. Interestingly, Cuba has for a long time shielded itself from globalization by having a closed economy. However, in the recent years, it has proved difficult for the country to avoid engaging in the world economy. As a consequence, the travel restrictions were lifted enabling free movement of people in and out of the country. Due to many years of insulation from the global economy, we are inclined to enquire on the benefits that Cuba will gain from globalization and the disadvantages it will suffer.
Some of the advantages that the country has experienced due to globalization include growth in the private sector. For instance, in 2011, there were 2.7 million tourists in the country compared to 350,000 in 1990. Consequently there is growth in foreign capital as well as an increase in imported goods to meet the increasing tourist market. However, the increase in tourists in the country has had a negative impact. Cuba is reputed with having a highly educated workforce but due to the influx of tourists many graduates now opt to be taxi drivers and waiters rather than pursuing a university education since there is more money in the tourism industry (“Globalization and Its Effect on the Nation of Cuba”, 2015).
Other benefits that the country enjoys include an increase in varieties of products which leads to lower prices. Also, there is a reduction in poverty levels due to increased employment as well as sharing of resources. However, as the people embrace foreign cultures, there is loss of their cultural identity. Also, the rift between the rich and the poor extends as the rich benefit more from international business activities and therefore accumulate more wealth.
Globalization and Its Effect on the Nation of Cuba. (2015). Retrieved from com/blog/globalization-and-its-effect-on-the-nation-of-cuba“>http://khoellercuba.weebly.com/blog/globalization-and-its-effect-on-the-nation-of-cuba
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