Caribbean Economic History

CARIBBEAN ECONOMIC HISTORY

A. The Value of History in Understanding Economic Problems and Finding Solutions for the future.

OUR PRESENT CONTEXT

Our present situation is that our economies are relatively undiversified and lacking in sufficient linkages between the various production sectors at both the national and regional levels. Above all they are not competitive or resilient in the face of external shocks.

Historical Continuities

1. Our traditional agricultural exports seem able to survive only through preferences in the markers of EEC and the USA. We produce there commodities at a high cost in most cases the costs are higher than the world price.

2. The medium and long term for our mineral exports (bauxite, alumina, petroleum and petro-chemicals, natural gas) is mixed depending on whether or not significant new discoveries of these minerals are made internally and what new sources are discovered worldwide.

3. We have not been successful at self-sufficiency in food provision.

4. We have not paid attention to environmental preservation. In many countries there is strong need for preservation. In many countries there is a strong need for re-afforestation. We need to pay more attention to preservation of our environment. Steps need to be taken against erosion, pollution and towards preservation of out coast lines.

5. We have failed to develop to any significant extent exports of light manufactured food for the side world.

6. The plantation system has persisted through sugar, bananas, tourism and even mineral exportation.

7. We continue to grapple with high population growth and high unemployment levels.

21st century crisis

Because of economic, technological and geo-political developments, Caribbean countries are in danger of losing their markets abroad. Our sugar and bananas are produced at a high cost and may well be unable to compete in these markets. We may have to start thinking about non-traditional...