GLOBAL DEVELOPMENT STUDIES

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GLOBAL
DEVELOPMENT STUDIES
Copyright © 2010 International Development Options
All Rights Reserved
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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
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Neil Derrick
Petroleum Company of Trinidad & Tobago Ltd.
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Published Online: March 15, 2017
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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.
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