The Caribbean Economy in the Age of Globalization

186 Pages·2009·1.181 MB·English

by  Ransford W. Palmer (auth.)

The Caribbean Economy in
the Age of Globalization
Previous Publications
US-Caribbean Relations: Their Impact on Peoples and Culture (1998)
The Repositioning of US-Caribbean Relations in the New World Order (1997)
Pilgrims from the Sun: West Indian Migration to America (1995)
In Search of a Better Life: Perspectives on Migration from the Caribbean (1990)
Problems of Development in Beautiful Countries (1984)
Caribbean Dependence on the United States Economy (1979)
Guyana (coauthor) (1969)
The Jamaican Economy (1968)
The Caribbean Economy in
the Age of Globalization
Ransford W. Palmer
THE CARIBBEAN ECONOMY IN THE AGE OF GLOBALIZATION
Copyright © Ransford W. Palmer, 2009.
All rights reserved.
First published in 2009 by
PALGRAVE MACMILLAN®
in the United States—a division of St. Martin’s Press LLC,
175 Fifth Avenue, New York, NY 10010.
Where this book is distributed in the UK, Europe and the rest of the world,
this is by Palgrave Macmillan, a division of Macmillan Publishers Limited,
registered in England, company number 785998, of Houndmills,
Basingstoke, Hampshire RG21 6XS.
Palgrave Macmillan is the global academic imprint of the above companies
and has companies and representatives throughout the world.
Palgrave® and Macmillan® are registered trademarks in the United States,
the United Kingdom, Europe and other countries.
ISBN 978-1-349-37184-6 ISBN 978-0-230-62090-2 (eBook)
DOI 10.1057/9780230620902
Library of Congress Cataloging-in-Publication Data is available from the
Library of Congress.
A catalogue record of the book is available from the British Library.
Design by Newgen Imaging Systems (P) Ltd., Chennai, India.
First edition: May 2009
10 9 8 7 6 5 4 3 2 1
To My Grandchildren Andrew and Elizabeth
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Contents
List of Tables ix
Preface xi
1 The Caribbean Economy: An Overview 1
2 The Decline of Traditional Exports 13
3 Nontraditional Exports as the Frontier of
Caribbean Development 21
4 The Service Economy 31
5 The Caribbean Tourist Industry 41
6 Migration 51
7 The Travel Economy 69
8 Investment and Consumption 77
9 The Role of Government 91
10 C aribbean Economic Integration: Drifting toward
a Single Market and Economy 107
11 Caribbean External Economic Relations 127
12 Epilogue 145
Appendix 153
Notes 159
References 169
Index 175
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Tables
1.1 P rofile of the Caribbean Community and
Common Market (CARICOM) 2
1.2 C omparison of Per Capita Income Growth
among Selected Countries, 1973 and 2003 (US$) 4
1.3 Percentage Distribution of Employment
among the Main Industrial Sectors for
Selected CARICOM Countries 6
1.4 P ercentage Contribution of the Main Sectors to
Gross Domestic Product for Selected
CARICOM economies, 2000 8
1.5 The Evolution of the Economies of Jamaica and
Antigua and Barbuda; Share of Main Sectors in
GDP at Current Factor Cost, 1960, 1970, 1980,
1991, and 2000 10
2.1 European Union Import Price and
Free Market Price of Sugar (US cents per pound) 16
4.1 The Ratio of Service Exports to
Merchandise Exports, 1992 and 2004 32
4.2 T he Offshore Financial Services Sector in
Selected Caribbean Countries 35
5.1 T ravel as a Percentage of Total Receipts from
Services, 2000, 2005 42
6.1 CARICOM Immigrants Admitted into
the United States by Country of Birth,
1991–2000 and 2005 52
6.2 Permanent Residents in Canada from
Top Caribbean Source Countries, 1997–2006 52
7.1 T otal Foreign Exchange from Tourism and
Immigrant Remittances as a Percentage of
Exports of Goods and Services for Selected