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12 - The Core and the Caribbean

Published online by Cambridge University Press:  05 November 2012

Victor Bulmer-Thomas
Affiliation:
University of London
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Summary

The period from 1960 to the present has coincided with some of the most important changes in the Caribbean since the Napoleonic Wars. It embraces the Cuban Revolution, the decolonisation of many countries, the creation of a framework for regional integration and the switch from merchandise to service exports. In this period the Caribbean has also had to adjust to globalisation, to the new international division of labour pioneered by multinational companies (MNCs) and to the erosion of preferences for its traditional commodities in the markets of the core countries.

The adjustment process has not been easy for the Caribbean, and it is still far from complete. Yet the economies of many countries have performed well – much better than their image externally might suggest – and average incomes and the standard of living of citizens have been raised to previously unheard-of levels. A few countries have struggled economically and have been tempted as a consequence into unwise policies that brought high levels of inflation and indebtedness. Only one country – Haiti – went backwards, with average income per head lower than in 1960 (even before taking into account the devastating earthquake in 2010).

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Publisher: Cambridge University Press
Print publication year: 2012

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  • The Core and the Caribbean
  • Victor Bulmer-Thomas, University of London
  • Book: The Economic History of the Caribbean since the Napoleonic Wars
  • Online publication: 05 November 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139031264.016
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  • The Core and the Caribbean
  • Victor Bulmer-Thomas, University of London
  • Book: The Economic History of the Caribbean since the Napoleonic Wars
  • Online publication: 05 November 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139031264.016
Available formats
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  • The Core and the Caribbean
  • Victor Bulmer-Thomas, University of London
  • Book: The Economic History of the Caribbean since the Napoleonic Wars
  • Online publication: 05 November 2012
  • Chapter DOI: https://doi.org/10.1017/CBO9781139031264.016
Available formats
×