Caribbean Governance the Impact of the Global Economic Crisis

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ABSTRACT:

The importance of an efficient and effective Caribbean in the delivery of economic and social development is a long-standing theme of development policy. This however has not always been the case and the result is a Caribbean repeating past mistakes and compromising in some cases the theme of the development strategy. Global recession has consistently tested the resolve of the Caribbean and to this end there is a need to address the factors that have consistently led to the economic decline of the island states. This paper examines the recent experience of the Commonwealth Caribbean in dealing with the current Global economic crisis with a particular focus on Jamaica, Barbados and Trinidad and Tobago. It begins by examining the signs and the effect on each island. The paper then identifies five key issues that have emerged as factors contributing to and needing the attention of the heads in order to ameliorate against an occurrence in the future: regionalism, integration, transparency and governance are examined as being overarching themes the fundamental problems are dealt with individually within the essay. In each case the background to its contribution to the problem is given along with the solution to the problem. A history examining the recession as a new phenomenon and by extention unprecedented is assessed. The paper concludes by discussing one key dimension of the global economic crisis experience: globalisation and the importance of politics in promoting and sustaining a successful relationship with the rest of the world. The final section sums up the main points.

The opinions expressed in this paper are those of the author (Jepter Lorde) and do not necessarily reflect the views of The University of the West Indies Cave Hill Campus or its Board of Directors and/or Board of Governors.
It is a fact that the world economy is facing the worst financial crisis since the great depression. It can be argued the crisis is taking place at a time



Cited: Eichengreen, Barry,. Financial Crises and What to Do about Them: New York, Oxford University Press, 2002. Davies, Omar. 1986. The Debt problem in Jamaica: situation and solutions. Mona, Jamaica: University of the West Indies, Dept. of Economics. Thomas, Y Clive., The Poor and the Powerless: Economic Policy and Change in the Caribbean London: Latin America Bureau, 1988) Williams, Eric, Capitalism & slavery: Chapel Hill, University of North Carolina Press, 1944.

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