EC10C or EC10E


5123286

Room 17/Economics

ECON2021 : Caribbean Economic Problems

Course Description

The objective of this course is to highlight the major economic problems that the Caribbean countries face as they seek to achieve growth and development.  A brief overview of the region’s economic history and performance will be followed by an in-depth look at the major challenges that stand in the way of growth and development.

 

N.B.    EC25J and EC25F are anti-requisites – students are NOT allowed to take both courses!


Course Assessment

Mid-Semester Examination       -           40%

Final Examination                      -           60%


Reading List

There is no single text for this course.  Students are expected to follow the prescribed readings for each unit.


Course Outline

1.                  Conceptual Framework:  Putting the Caribbean into Context
1.1              Definitions, Concepts and Measures of Development

 

.Todaro, Michael (2000) Economic Development, Reading : Addison-Wesley Longman,  Chapter 1

.           Martinussen, John (1997) Society, State and Market: A Guide to Competing Theories of Development, London : Zed Books, Chapters 1 and 3

 

 1.2       General Characteristics and Challenges of Small Island Developing States          
             . 
Streeten, Paul (1993) ‘The Special Problems of Small Countries’,  
                 world  
Development, Vol. 21 No. 2, pp. 197-202

            .           Briguglio, Lino (1995) ‘ Small Island Developing States and Their
                        Economic
  Vulnerabilities’, World Development, Vol. 23 No. 9, pp. 1615-
                        1632

 

 2.         A Bird’s-Eye View of the Caribbean

 2.1              Brief Introduction to each of the Caribbean Countries
                .           CARICOM Secretariat (2005) CARICOM: Our Caribbean Community,
                            Kingston : Ian Randle Publishers, (Chapter 1.1 & Appendix I)

.           www.worldbank.org/data/countrydata/countrydata.html 
 
.           www.cia.gov/cia/publications/factbook/docs/profileguide.html 
.           www.caricom.org  

 

2.2              Classification of the countries by demographic, economic and social indicators

 

 .           Girvan, Norman (2005) ‘Reinterpreting the Caribbean ’ in Dennis Pantin eds, The Caribbean Economy: A Reader, Kingston :  Ian Randle Publishers

.           Ramkissoon, Ronald (2002) ‘Explaining Differences in Economic Performance in Caribbean Economies’, Paper Presented to an International Conference on Iceland and the World Economy: Small Island Economies in the Era of Globalization, Center for International Development (CID), Harvard University, Cambridge, http://www.cid.harvard.edu/events/papers/Paper_Caribbean%20.doc.

 .           CARICOM  (2000) Caribbean Trade and Investment Report

 3.         A History of the Caribbean Economies 
3.1              From the Indigenous Indians to Indentured Immigrants 
3.2              General Overview of Economic Developments in the Caribbean (1960-2002)

           .           Watts , David (1987) The West Indies : Patterns of Development, Culture
                      and Environmental Change Since 1492
, Cambridge University Press:
                     Cambridge

.           CARICOM Secretariat (2005) CARICOM: Our Caribbean Community, Kingston : Ian Randle Publishers, (Chapter 1.2)

.           Demas, William (2005) ‘The Political Economy of the English Speaking Caribbean’ in Dennis Pantin eds, The Caribbean Economy: A Reader, Kingston :  Ian Randle Publishers

.           Levitt, Kari and Best, Lloyd (1975) ‘Character of the Caribbean Economy’, in George L. Beckford eds, Caribbean Economy, Kingston : Institute of Social and Economic Research

 

 4.         Selected Economic and Socio-Economic Problems Facing Caribbean Countries

 4.1              Caribbean Poverty and Associated Issues
-                     Characteristics
-                     Causes
-                     Coping Mechanisms

 Baker, Judy (1997), ‘Poverty Reduction and Human Development in the Caribbean : A Cross-Country Study’, World Bank Discussion Paper #366, http://www.worldbank.org/html/lac/cgced/poor.htm

4.2              Macroeconomic Instability and Stabilization in the Caribbean
-                     Indicators of Macroeconomic Instability in the Caribbean 
-                     Sources of Instability and Policies Implemented 
-                     Impacts of Instability and Stabilization Policies on Economic Growth and
                 Poverty  Alleviation

 .           Ames , Brian, Brown, Ward, Devarajan, Shanta and Izquierdo, Alejandro (2001) ‘Macroeconomic Policy and Poverty Reduction’,            www.internationalmonetaryfund.com/external/np/prsp/source/2001/eng/chap6.pdf

 .           Sahay, Ratna (2004) ‘Stabilization, Debt, and Fiscal Policy in the Caribbean ’, http://www.imf.org/external/np/seminars/eng/2004/carib/pdf/sahay.pdf

.           King, Damien (2000) ‘The Evolution of Structural Adjustment and Stabilization Policy in Jamaica ’,

            http://www.eclac.cl/publicaciones/DesarrolloEconomico/1/lcl1361/lcl1361i.pdf

 

 4.3              Debt and Associated Issues

-                     Origins and Evolution of the Debt Problem in the Caribbean
-                     Implications of Debt Servicing

 

.           Kirton, Claremont (2004) Jamaica ’s External Debt: Estimation, Analysis and          Policy Implications, Arawak Publications, Kingston

.           Francis, A. (2000) ‘The Dynamics of Debt in the Jamaican Economy or Domar             vs. Omar: The Burden of Debt and the National Income,’ Paper presented       at a       Symposium entitled: Budgetary Policy in the 1990s: Implications for the Year            2000 Budget. Department of Economics, U.W.I., Mona and the Association of   Development Agencies ( ADA ) Kingston, Jamaica . January 29, 2000

.           Robinson, Michelle (1998) ‘Debt Management and Development: Jamaica’s     Experience’, Paper presented at the 4th Annual Conference of the NGO Working    Group on the World Bank, Latin American Caribbean Region.

            .           http://www.centralbank.org.bb/Publications/WP2002pp11_30.pdf

            .           Girvan, Norman (1993)’The debt Problem of the Caribbean and Central                                   America : An Overview’ in Stanley Lalta and Marie Freckleton eds, Caribbean                     Economic Development: The First Generation, Kingston : Ian Randle Publishers

 

 4.4              Crime and Violence in the Caribbean
-                     Causes
-                     Effects on the Economy 

 

.           Bonnick, Gladstone (1994) ‘Crime and Violence: Implications for Economic Expansion’, in Patsy Lewis eds, Jamaica: Preparing for the Twenty-First Century, Ian Randle Publishers: Kingston

.           Francis, Alfred, Harriott, Anthony, Kirton, Claremont , and Gibbison, Godfrey (2003) ‘Crime and Development: The Jamaican Experience’, Report Prepared for the World Bank

 

 4.5              Impact of Globalization on Caribbean Economies
-                     Vulnerability of Small States
-                     Issues Affecting International Competitiveness of Caribbean Industries
-                     Case Study: Agriculture in the Caribbean 
            .           Melville, Juliet (2002) ‘Globalization: A Reality – Positive and Negative Impacts  on the Caribbean ’, http://www.caribank.org/downloads/PS_Globalisation.pdf

            .           Bernal, Richard (2000) ‘Globalization and Small Developing Countries: The

Imperative for Repositioning’ in Denis Benn and Kenneth Hall eds. Globalization: A Calculus of Inequality, Kingston : Ian Randle Publishers

            .           Byron, Jessica (2000) ‘The Impact of Globalization on the Caribbean ’ in Denis

Benn and Kenneth Hall eds. Globalization: A Calculus of Inequality, Kingston : Ian Randle Publishers

.           Wint, Alvin G. (2003) Competitiveness in Small Developing Economies: Insights from the Caribbean , University of the West Indies Press: Kingston   

.           Pantin, Dennis, Sandiford, Wayne and Henry, Michael (2005) ‘Cake, Mama Coca or? Alternatives facing the Caribbean Banana Industry’ in Dennis Pantin eds, The Caribbean Economy: A Reader, Kingston :  Ian Randle Publishers

.           Thomas, C. Y. (1993) ‘Agriculture in the Commonwealth Caribbean: A General Survey’ in Stanley Lalta and Marie Freckleton eds, Caribbean Economic Development: The First Generation, Kingston :  Ian Randle Publisher   

4.6              Problems Facing Regional Integration in the Caribbean
-                     Potential Benefits of Regional Integration
-                     Challenges Experienced in the Caribbean 

.           CARICOM Secretariat (2005) CARICOM: Our Caribbean Community, Kingston : Ian Randle Publishers, (Chapters 2 & 6)

.           Blake, Byron (2000) ‘The Caribbean – Geography, Culture, History and Identity:

Assets for Economic Integration and Development’ in Kenneth Hall and Dennis Benn eds. Contending With Destiny: The Caribbean in the 21st Century, Kingston : Ian Randle Publishers

.           Samuel, Wendell A. (1993) ‘Caribbean Economic Integration’ in Stanley Lalta and Marie Freckleton eds, Caribbean Economic Development: The First Generation, Kingston:  Ian Randle Publishers

.           Farrell, Trevor (2001) ‘Five Major Problems for CARICOM’, in Kenneth O. Hall eds. The Caribbean Community: Beyond Survival, Ian Randle Publishers: Kingston

.           Girvan, Norman (2001) ‘Three Areas of Regional Crisis’, in Kenneth O. Hall eds. The Caribbean Community: Beyond Survival, Ian Randle Publishers: Kingston

.           Ramsaran, Ramesh (2001) ‘CARICOM’s Soft Belly’, in Kenneth O. Hall eds. The Caribbean Community: Beyond Survival, Ian Randle Publishers: Kingston