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

 

 

     CARIBBEAN ARGONAUTS: ADVANCING ECONOMIC MODERNIZATION

 

      Jay R. Mandle

      W. Bradford Wiley Professor of Economics

      Colgate University

      Published Online: March 15, 2017

 

      ABSTRACT

 

The process of Caribbean regional integration has long been frustrating to its advocates. The pace of accomplishment has been slow and the most important steps required to achieve a Caribbean Single Market and Economy have been implemented only to a limited extent. The CARICOM's weakness was made clear in the one-sided Economic Partnership Agreement negotiated with the European Union. Nevertheless, before the near-collapse of the global financial system, it still was possible to argue that the integration project was viable. However, the damage inflicted on the region’s economies by the financial sector debacle brought the fault lines that undermine regional cohesion to the surface and weakened the bonds of solidarity under construction. The politically popular action by the Barbados government to repatriate undocumented CARICOM nationals revealed the continued limited sense of shared identification that exists among the West Indian people. At the same time, the fact that numerous Caribbean nations were required to seek financial assistance from the International Monetary Fund and/or oil-rich Venezuela means that countries such as Jamaica and Antigua and Barbuda are now exposed to the centrifugal pressures generated from those sources of funding. Deep regional integration, always a long shot, now cannot be viewed as an achievable outcome in the foreseeable future.

 

 

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

                                                                                                All Rights Reserved