Economic Development of Caricom: From Early Colonial Times to the Present

The early pioneers of development attributed the poor economic and social conditions in less developed nations to cultural and environmental elements. Proponents of the neoclassical counterrevolution shifted the focus to the dirigiste policies of governments, but this study argues that the persistent low level of development in CARICOM nations is due to their being utilized as global agricultural and manufacturing production platforms, enduring colonial economic and social structures, negative attitudes of classes, anti-development policies, and their failure to accumulate an adequate pool of knowledge skills.

\n Format: Hardback
\n Length: 200 pages
\n Publication date: 12 October 2021
\n Publisher: Anthem Press
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The early pioneers of development attributed the poor economic and social conditions in less developed nations to a combination of cultural and environmental factors. Some argued that their small size was also a contributing element. However, in the latter decades of the twentieth century, proponents of the neoclassical counterrevolution shifted their focus to the dirigiste policies of governments. Taking a heterodox approach, this study argues that the persistent low level of development in CARICOM nations is due to a multitude of factors. Firstly, these nations have been utilized as global agricultural and manufacturing production platforms, which has resulted in a concentration of economic activity and limited opportunities for diversification. Secondly, their enduring colonial economic and social structures have hindered economic transformation and created barriers to innovation and growth. Thirdly, negative attitudes among classes, perpetuated by social and economic inequalities, have hindered progress and social mobility. Additionally, the anti-development policies of some governments have further exacerbated the situation. Furthermore, since the human element provides the motor forces that ultimately drive development, CARICOM nations' failure to accumulate an adequate pool of knowledge skills that are now dominating production processes in the new global economy has contributed to their stagnation.

The early pioneers of development attributed the poor economic and social conditions in less developed nations to a combination of cultural and environmental factors. Some argued that their small size was also a contributing element. However, in the latter decades of the twentieth century, proponents of the neoclassical counterrevolution shifted their focus to the dirigiste policies of governments. Taking a heterodox approach, this study argues that the persistent low level of development in CARICOM nations is due to a multitude of factors. Firstly, these nations have been utilized as global agricultural and manufacturing production platforms, which has resulted in a concentration of economic activity and limited opportunities for diversification. Secondly, their enduring colonial economic and social structures have hindered economic transformation and created barriers to innovation and growth. Thirdly, negative attitudes among classes, perpetuated by social and economic inequalities, have hindered progress and social mobility. Additionally, the anti-development policies of some governments have further exacerbated the situation. Furthermore, since the human element provides the motor forces that ultimately drive development, CARICOM nations' failure to accumulate an adequate pool of knowledge skills that are now dominating production processes in the new global economy has contributed to their stagnation.

\n Weight: 460g\n
Dimension: 158 x 235 x 21 (mm)\n
ISBN-13: 9781785278105\n \n