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The Caribbean economy remains a region with many paradoxes. Despite a relative abundance of natural and valuable resources, including its people, large segments of the region still grapple with significant levels of debt, environmental degradation, high unemployment in the formal sector, climate change, limited progress in technological innovation, increasing energy costs, remittance dependency, tourism dependency, loss of correspondent banking relations, exchange rate, noncommunicable diseases, and domestic politics to name more than a few. The poorest countries still lag and remain far more vulnerable to external factors related to trade and global financial sector issues. This edited volume takes a closer look at the contemporary issues related to the economies of the Caribbean. The book provides an added dimension in that each of the chapters includes the contributions of a scholar with lived experiences in and knowledge of the region. Indeed, the book underscores the detailed evidence-based research and perspectives on topics providing insights into the current landscape of the Caribbean. Ultimately, understanding the Caribbean in its varied contexts is an important milestone in pursuing policies that will contribute to flourishing economies replete with sustained growth and development.
This collection of thirteen original essays by experts in the field of Caribbean studies clarifies the diverse elements that have shaped the modern Caribbean. Through an interdisciplinary examination of the complexities of race, politics, language, and environment that mark the region, the authors offer readers a thorough understanding of the Caribbean's history and culture. The essays also comment thoughtfully on the problems that confront the Caribbean in today's world. The essays focus on the Caribbean island and the mainland enclaves of Belize and the Guianas. Topics examined include the Haitian Revolution of the late eighteenth and early nineteenth centuries; labor and society in the nineteenth-century Caribbean; society and culture in the British and French West Indies since 1870; identity, race, and black power in Jamaica; the "February Revolution" of 1970 in Trinidad; contemporary Puerto Rico; politics, economy, and society in twentieth-century Cuba; Spanish Caribbean politics and nationalism in the nineteenth century; Caribbean migrations; economic history of the British Caribbean; international relations; and nationalism, nation, and ideology in the evolution of Caribbean literature. The authors trace the historical roots of current Caribbean difficulties and analyze these problems in the light of economic, political, and social developments. Additionally, they explore these conditions in relation to United States interests and project what may lie ahead for the region. The challenges currently facing the Caribbean, note the editors, impose a heavy burden upon political leaders who must struggle "to eliminate the tensions when the people are so poor and their expectations so great." The contributors are Herman L. Bennett, Bridget Brereton, David Geggus, Franklin W. Knight, Anthony P. Maingot, Jay R. Mandle, Roberto Marquez, Teresita Martinez Vergne, Colin A. Palmer, Bonham C. Richardson, Franciso A. Scarano, and Blanca G. Silvestrini.
This text focuses on the contemporary economic, social, geographical, environmental and political realities of the Caribbean region. Historical aspects of the Caribbean, such as slavery, the plantation system and plantocracy are explored in order to explain the contemporary nature of, and challenges faced by, the Caribbean. The book is divided into three parts, dealing respectively with: the foundations of the Caribbean, rural and urban bases of the contemporary Caribbean, and global restructuring and the Caribbean: industry, tourism and politics.
The COVID-19 pandemic laid bare economic weaknesses throughout the Caribbean region, and humane standards of living are at risk. This book highlights the retooling that must be done to promote economic stability in this important area of the world. It contributes to ongoing discourse regarding Caribbean economies and highlights the long-term issues that must be addressed to move forward. Today’s economic challenges are more complex than ever before. If nations continue to seek economic growth using outdated methods, there will not be progress. Economists Terence Yhip and Brian Alagheband provide new ways to promote economic stability throughout the Caribbean, offering ideas and proposals to reinvigorate economic growth through the adoption of technology and investment in human capital. With these new priorities, raising total factor productivity is the strongest objective if the goal is to accelerate GDP per capita. The countries are debt-strapped; heavy foreign borrowing is not a viable option. Technology and innovation are driving economic growth, and Caribbean countries need access to digital and digitized resources today. Economic issues in this region cannot be addressed and solved without intervention, and it is essential for governments to focus on the shifting landscapes today. The book offers strategies to diversify the production and export of complex goods and services. The authors note that the necessary capabilities can take nations decades to build. Such investment will require trade-offs and sacrifice. Progress cannot and will not be immediate, but such modifications will produce meaningful economic returns. The book includes a chapter on Guyana, a rising economic “superstar” due to the nation’s oil. Questioning whether oil will cure or worsen economic and political problems, the authors examine the persistence of racial divisions and the curseof non-renewable resource.
When Americans seek an escape from the worries and dilemmas of everyday life, the crystal blue waters and white sands of the Caribbean islands seem like the answer to a prayer. Yet this image of a tourist’s paradise hides a tumultuous history marked by strife and division over race, political power, and economic inequality. Olwyn Blouet explores the story of “the Caribbean” over the last 50 years, revealing it to be a region positioned at the heart of some the most prominent geopolitical issues of modern times. Navigating a rich mélange of cultures and histories, Blouet unearths a complex narrative that is frequently overlooked in histories of the Americas. In stark contrast to widely-read guidebooks, this chronicle unflinchingly probes two strikingly different worlds in the Caribbean islands—those of the haves and the have-nots—created by the volatile mixture of colonial politics, racial segregation, and economic upheaval. The strategic political relations between Caribbean nations, Cuba in particular, and the world powers during the Cold War; the economic transformations instigated by tourism; and the modernizing efforts of Caribbean nations in order to meet the demands of a globalizing twenty-first century market are among the numerous issues explored by Blouet in her efforts to redress the historical record’s imbalance. The Contemporary Caribbean also explores the proud histories of the region's many nations in sports such as cricket and baseball, as well as their famed cuisines, and the uneasy balance today between local traditions and the vestiges of colonial influence.
Heterodox economics can provide a more complete and robust explanation of economic realities than orthodox (or mainstream) economics. Contemporary Issues in Heterodox Economics: Implications for Theory and Policy Action argues that this greater explanatory power gives heterodox economics the ability to illuminate appropriate policy for the major crises of our time, as well as proffer the basis for a more rounded, pluralist approach to economic theory. The chapters in this wide-ranging volume address some of the key issues facing the global economy, including the growing disparity of income/wealth between persons and economic areas, environmental degradation, issues associated with employment, and the regularity of economic/financial crises. The authors examine potential policy responses such as modern monetary theory, models of public ownership, and the need to move beyond standard concepts of growth. They also explore the deficiencies of orthodox economics, and contend that a more pluralist approach to economics is required in the public sphere, in academia, and in the classroom in order to help face the challenges of the twenty-first century. This book is invaluable reading for students and scholars across the social sciences who are interested in alternatives to mainstream economic thinking.
The Caribbean ranks among the earliest and most completely globalized regions in the world. From the first moment Europeans set foot on the islands to the present, products, people, and ideas have made their way back and forth between the region and other
The Middle East and North Africa (MENA) is an economically diverse region. Despite undertaking economic reforms in many countries, and having considerable success in avoiding crises and achieving macroeconomic stability, the region’s economic performance in the past 30 years has been below potential. This paper takes stock of the region’s relatively weak performance, explores the reasons for this out come, and proposes an agenda for urgent reforms.
The Caribbean ranks among the earliest and most completely globalized regions in the world. From the first moment Europeans set foot on the islands to the present, products, people, and ideas have made their way back and forth between the region and other parts of the globe with unequal but inexorable force. An inventory of some of these unprecedented multidirectional exchanges, this volume provides a measure of, as well as a model for, new scholarship on globalization in the region. Ten essays by leading scholars in the field of Caribbean studies identify and illuminate important social and cultural aspects of the region as it seeks to maintain its own identity against the unrelenting pressures of globalization. These essays examine cultural phenomena in their creolized forms--from sports and religion to music and drink--as well as the Caribbean manifestations of more universal trends--from racial inequality and feminist activism to indebtedness and economic uncertainty. Throughout, the volume points to the contending forces of homogeneity and differentiation that define globalization and highlights the growing agency of the Caribbean peoples in the modern world. Contributors: Antonio Benitez-Rojo (1931-2004) Alex Dupuy, Wesleyan University Juan Flores, City University of New York Graduate Center Jorge L. Giovannetti, University of Puerto Rico Aline Helg, University of Geneva Franklin W. Knight, The Johns Hopkins University Anthony P. Maingot, Florida International University Teresita Martinez-Vergne, Macalester College Helen McBain, Economic Commission for Latin America & the Caribbean, Trinidad Frances Negron-Muntaner, Columbia University Valentina Peguero, University of Wisconsin-Stevens Point Raquel Romberg, Temple University