GLOBAL

                                                                                                                                                                                                                                             DEVELOPMENT STUDIES

                                                                            Copyright © 2010 International Development Options

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Volume Six                                                                             Winter-Spring 2010                                                            Numbers 1-2.

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 THEME: THE GLOBAL FINANCIAL AND ECONOMIC CRISIS: IMPLICATIONS FOR THE CARIBBEAN

 REGION

 

 

      CORPORATE SOCIAL RESPONSIBILITY, MULTINATIONAL CORPORATIONS IN THE OIL SECTOR

      AND DOMESTIC AGRGRICULTURAL PRODUCTION IN TRINIDAD AND TOBAGO 

 

        Rebecca Gookool

       Department of Agricultural Economics,

       University of the West Indies

       Roger Hosein, Department of Economics,

       University of the West Indies

       Neil Derrick 

       Petroleum Company of Trinidad & Tobago Ltd.

       Published Online: March 15, 2017

 

        ABSTRACT

 

The Trinidad & Tobago economy has benefited significantly during the last four decades from a considerable level of participation by foreign multinational corporations (MNCs).  These corporations have provided a boost to the economy in financial terms and to the society through activities aimed at fulfilling their corporate social responsibility (CSR). In the past, many of these activities were undertaken on an adhoc basis and may be better described as traditional philanthropy. Recently, however, a more structured approach to corporate social responsibility, in line with the principles of the Global Compact has proven to be more beneficial to the host society.   This article examines the issue of CSR as it relates to foreign direct investment (FDI) and multinational firms in the extractive sector of the Trinidad and Tobago economy, and the role that it can play in reversing de-agriculturalization trends. The article, therefore, reviews the characteristics of the agricultural sector of the Trinidad and Tobago economy and then outlines a series of interventions MNCs operating in the petroleum sector can make from a CSR perspective, to help revive the agriculture sector of the economy.

 

 

IDO        ISSN: 1093-8281                 Copyright © 2017 International Development Options

                                                                                                All Rights Reserved