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Recent Trends in International Economic Relations of the CARICOM States

Published online by Cambridge University Press:  02 January 2018

Anthony P. Gonzales
Affiliation:
Institute of International Relations of the University of the West Indies (Trinidad)

Extract

At the time of independence, CARICOM states found themselves extremely dependent upon the international economy, in part a legacy from the economic structure developed during their colonial period and in part due to the small size of their economies. Similar to most third world countries at the time, these economies relied heavily on one or two mineral and/or agricultural export commodities for foreign exchange, government revenue and employment. Furthermore, the prices of these commodities were subject to the vagaries of the international market, making the market for their exports unstable to an untenable degree for these vulnerable price-takers. This highly dependent state also exhibited many other well-known characteristics of underdevelopment, such as low levels of human resource development, savings and investment, technological capacity, and foreign exchange earnings.

Type
Research Article
Copyright
Copyright © University of Miami 1989

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References

Bosworth, S. (1982) “The Caribbean Basin Initiative: An Interview.” Economic Impact (A Quarterly Review of World Economics) 39, 3: 7983.Google Scholar
Gonzales, A. (1986) “Análisis de las Clausulas de Salvaguardia en la Comunidad del Caribe(versión preliminar; BID-INTAL “Working Paper 376). Buenos Aires, Argentina: Banco Internacional del Desarrollo (BID) Google Scholar
Gonzales, A. and Douglas, E. (1987) “An Assessment of the Social and Economic Impact of ACP/EEC Cooperation in the Caribbean Region 1975-1984(CAIC Working Paper). Bridgetown, Barbados: CAIC.Google Scholar
Pelzman, J. and Schoepfle, G. (1988) “The Impact of the Caribbean Basin Economic Recovery Act on Caribbean Nations Export and Development.” Economic Development 36, 4 (July):Google Scholar

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