Book contents
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Preface
- List of Abbreviations
- 1 Introduction
- PART I THE CARIBBEAN IN THE AGE OF FREE TRADE
- PART II THE CARIBBEAN IN THE AGE OF PREFERENCES
- PART III THE CARIBBEAN IN THE AGE OF GLOBALISATION
- 12 The Core and the Caribbean
- 13 Structural Change in the Caribbean
- 14 Import Substitution, Manufacturing Export Promotion and Regional Integration in the Caribbean
- 15 Caribbean Economic Performance
- 16 The Cuban Economy since the Revolution
- Statistical Appendix
- Notes on A Tables
- Notes on B Tables
- Notes on C Tables
- Notes on D Tables
- Bibliography
- Index
12 - The Core and the Caribbean
Published online by Cambridge University Press: 05 November 2012
- Frontmatter
- Contents
- List of Figures
- List of Tables
- Preface
- List of Abbreviations
- 1 Introduction
- PART I THE CARIBBEAN IN THE AGE OF FREE TRADE
- PART II THE CARIBBEAN IN THE AGE OF PREFERENCES
- PART III THE CARIBBEAN IN THE AGE OF GLOBALISATION
- 12 The Core and the Caribbean
- 13 Structural Change in the Caribbean
- 14 Import Substitution, Manufacturing Export Promotion and Regional Integration in the Caribbean
- 15 Caribbean Economic Performance
- 16 The Cuban Economy since the Revolution
- Statistical Appendix
- Notes on A Tables
- Notes on B Tables
- Notes on C Tables
- Notes on D Tables
- Bibliography
- Index
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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- The Economic History of the Caribbean since the Napoleonic Wars , pp. 321 - 352Publisher: Cambridge University PressPrint publication year: 2012