Globalisation reigning over our present-day Mauritius

In Mauritius,globalisation is the buzzword of our contemporary society. The term does not have a fixed definition, but as a whole, it can be explained as an ongoing process by which the regional cultures, societies, and economies have become integrated through a globe-spanning exchange network. Globalisation is a highly controversial issue as it can be very benefit to a country and can cause subsequent damage to another one - the outcome often depends on either the geographical location or the economic/political stability of the country.

Countries lying in the Sub-Saharan region are the most affected by the adverse economic effects of globalisation. However, albeit Mauritius is situated in this region, its economy has not suffered mainly due to the strong political stability and diversified economy that prevails in the country. By contrast to the neighbour countries, Mauritius has been taking full advantage of globalisation. It has developed its economy by exporting its local goods and services abroad, thus globalisation has helped small local businesses to develop into large multinationals. There are also the various facilities, such as low tax rates and cheap labour force offered to the investors which therefore, directly generates new jobs opportunities to the Mauritian people. Some years back, when modern globalisation was still a myth, the idea that foreign companies to invest in Mauritius was inconceivable but now, with the major improvements in transport and telecommunications, a company can run many offices from different parts of the world, as if they were found in the same locality.

        One sector in Mauritius that has known a boost since the inception of globalisation is the Tourism sector which is one of the pillars of the Mauritian economy. By the media being made more accessible through recent progress of the technology, such as the internet, the image of Mauritius as a tourist destination was highly promoted.

Government Drivers -Government in almost all developed countries over the world have promoted free trade and reduced trade barriers and the European Union has also liberalised capital flows in 1992 which has contributed towards globalisation. Furthermore, there has been a decline in the role of government as producers and consumers and large private firms have been seeking a physical presence in many major countries. It has truly transforming itself, slowly, into a Global system of governance, not so much by the use of raw independent power, but through the consensus of its most powerful members, and key players, increasingly multinational Corporations and International financial institutions, both formal and informal. This trend would continue, slowly almost imperceptibly to most Americans, though not to the world at large. In the past decade there has been also increasing participation of China and India in the global economy which has added towards globalisation.     

Globalisation is a historical process rather than political or economical. It is the result of human innovation and technological progress. Globalisation has shown the increasing integration of economics around the world. It has taken a greater aspect in the world particularly, through trade and financial flows. Globalisation has covered the broader culture, politics and environmental dimensions of globalization.

Today, globalization is well known topic across the world. The word has taken a common term. It is referred as the extension beyond national borders of the same market forces that have operated for centuries at all levels of human economic activity_ village markets, urban industries or financial centers.

Global markets promote efficiency through competition and the division of labour _ the specialization that allows people and economies to focus on what they do best. Global market offer greater opportunity for common people also to tap into more and larger markets around the world.

In the global market, people can access more capital flows, technology, cheaper imports and larger export markets. Today, commerce and finance are more developed and deeply integrated in global world.

The global era has raised many questions related to social, political and workers. Does globalization harm worker’s interest? Many theoreticians don’t believe in this question. However, this is right question. Globalisation is the parallel world between the rich and the poor. Capitalist globalization is always very harmful for workers.

In global world, only big giant can survive. Globalisation has given the theory of third world countries also. In the financial world globalization is known as the basic elements of periodic crisis of an inevitable consequence of globalization.

National Sovereignty question is also related to the globalization question. In the financial market national sovereignty is never followed however, the question always has taken place in political era. 

Competitive Drivers is the fourth factor that has contributed towards globalisation. Analysts hold that globalisation has a multi-causal dynamic involving the interrelation of several forces such as growth of global networks making countries interdependent in particular industries that they are becoming universally centred rather than nationally centred. For instance, in UK the personal savings of its citizen are now internationally diversified, making them less dependent upon the future success of Britain. Instead, the UK citizens are amassing shares in the developing countries.