Caribbean Economy

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Welcome and Introductions
Overview of the course
 Course



Outline and Readings  In-course assessment
 

Defining the Caribbean Case for Caribbean Economy

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4

5

Universal Economic Constants in the context of Caribbean SIDS 







4. SAVING  3. INVESTMENT  2. PRODUCTION  1. CONSUMPTION

What constitutes the Caribbean
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Girvan…..
 Definitions

of the Caribbean are usually based on language and identity, geography, history and culture, geopolitics or organisation.

What constitutes the Caribbean
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ORGANISATIONS:
CARICOM - primarily Anglophone, recently expanded to include Suriname and Haiti (in principle).  Cariforum - groups the Caribbean signatories to the Lome Convention, includes CARICOM, Haiti and the Dominican Republic.  ACS - embraces the entire basin  CDCC - the majority of dependent territories in the region do not belong to any of the above named organisations but are members of the Caribbean Development and Cooperation Committee. This group excludes the majority of basin states. Mostly the insular Caribbean. 

What constitutes the Caribbean
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  

Girvan points to disparities in size, population and per capita income both in the Greater Caribbean and the Insular Caribbean. e.g. G3 countries accounts for about three quarters of the total population. Per capita income is also higher. Insular Caribbean - higher per capita income than that of the Greater Caribbean as a whole. However, within this group there are wide income disparities among CARICOM states and among independent and dependent territories. Larger Island States - Cuba, Dominican Republic, Haiti, Jamaica Smaller Island States - T&T, Barbados, Bahamas and OECS. Mainland States - Suriname, Guyana, Belize 12 Dependent Territories - French, Dutch, British, U.S

What constitutes the Caribbean
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Girvan concludes that while there is no one definition of the Caribbean, one should always be specific when referring to the Caribbean. i.e. state your definition.

What constitutes the Caribbean
10



The Caribbean …
generally taken to mean all the island states and dependent territories in the Caribbean Sea, from the Bahamas in the North to Barbados in the east and Trinidad in the South.  Included in this category are: French Guiana, Suriname and Guyana on the South American mainland and Belize on the Central American main land. 

Primary facts about the Caribbean
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Languages
 Primary

Language – Spanish  2nd dominant language – ??  3rd language – ?? 

Heavy dependence on natural resources for generation of export earnings – tourism, agriculture, oil and gas, bauxite, minerals

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10000000

12000000

88,710 342,877 273,331 344,700

67,757 104,487 754,493 9993,247 2702,300 52,402 174,000 109,333 524,636 1341,465

2000000

6000000

8000000

4000000

Differential populations: 2009 and 2010

0
2010 2009

11257,979

13

10000

15000

20000

25000

2,950 671 5,274 12,437 6,884 6,446

Per Capita GDP : 2009 and 2010

5000 13,655 21,985 15,035

0

4,064

6,883 7,401

15,359

2010

2009

FTAA CARICOM ECCU CSME Canada Central & South America Mexico United States Dominican Republic Montserrat The Bahamas Barbados Belize Guyana Haiti Jamaica Suriname Trinidad & Tobago

BVI Anguilla

Antigua & Barbuda Dominica Grenada St. Lucia St. Kitts & Nevis St. Vincent & the Grenadines

OECS
14

Cotonou Agreement HIPC

Cuba European Union

Total disasters by country : 1990-2011
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70 60

50

40

30

20

10

0

Our Caribbean Realities – Debt crises
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180 143.3 160 140 120 100 71.1 80 60 40 20 0 12.6 20 68.6 69.5 79.3 116.9 148.9

101.9

84.3

60.4

2008 2009 2010 2011 2012

48.6

54.9

50

Typology of Economic Systems and the limitations of the special case 

E. H Carr :
 Before

you study economics study the economist, before you...
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