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Caribbean economic development
Stanley Lalta, Marie Freckleton
Book review Chapter one
Eric St. Cyr
The Caribbean, as Eric St. Cyr argues, is characterized with some distinctive features of which small size with insular configurations, passive incorporation into western system of production and trade, and a peculiar plantation and demographic history impart distinctive features to the functioning of Caribbean economies. ... The main ideas that informed economic policy in the British Caribbean during the colonial period maybe garnered from a reading of the Moyne report [1945]. ... It is interesting to note that Eric St. Cyr argues that the legacy of mercantilist ideas coupled with nineteenth century liberalism would ensure that as long as Caribbean territories remained British colonies, commercial and economic policy would go no further than reinforce export staple production and allow market forces to determine resource use on lines consistent with comparative advantage. ... However, as argued by Eric St. Cyr the major constraint on economic growth through expansion of the modern sector is the finite supply of capital, assuming of course the existence of entrepreneurial types who would defy tradition to operate in the modern sector.
Interestingly, Eric St. ... Importantly, Eric St. Cyr made it clear that Lewis must be credited for the real first attempt at an economic model tailor-made as he puts it, to the facts and perspectives of the underdeveloped regions of the twentieth century.
Approximate Word count = 1023
Approximate Pages = 4.1
(250 words per page double spaced)
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