THE CARICOM SINGLE MARKET AND ECONOMY
The main motives for the establishment of our CARICOM Single Market and Economy as indicated before were the changes in the global economy.
I believe that it is necessary to discuss these changes briefly before discussing our CARICOM Single Market and Economy in order to provide the appropriate context in which our integration efforts must be viewed.
When speaking about changes in the global economy one term, one phenomenon always comes to the fore, namely globalization.
Raymond Torres defines globalization in a publication of the International Labour Organisation, entitled "Towards a socially sustainable world economy" as :
"a process of rapid economic integration among countries driven by the liberalization of trade, investment and capital flows as well as technological change. Compared with previous episodes of economic history, globalization involves enterprises and workers of nearly all the world's countries, in the goods as well as in the services sector. Consequently, the majority of the world's labour force is experiencing the effects of international competition, whereas in the past usually only industrial workers were at the receiving end" (Towards a socially sustainable world economy, page 1).
Thomas Friedman argues in "The lexus and the olive tree" that :
"The globalization system is a bit different. It also has one overarching feature - integration. The world has become an increasingly interwoven place, and today, whether you are a company or country, your threats and opportunities increasingly derive from who you are connected to." (The lexus and the olive tree, page 8); and
"The driving idea behind globalisation is free-market capitalism - the more you let market forces rule and the more you open your economy to free trade and competition, the more efficient and flourishing your economy will be. Globalisation means the spread of free-market capitalism to virtually every country in the...