By Teresita Martinez-Vergne, Franklin W. Knight
The Caribbean ranks one of the earliest and such a lot thoroughly globalized areas on the earth. From the 1st second Europeans set foot at the islands to the current, items, humans, and ideas have made their long ago and forth among the quarter and different components of the globe with unequal yet inexorable strength. a listing of a few of those unheard of multidirectional exchanges, this quantity offers a degree of, in addition to a version for, new scholarship on globalization within the sector. Ten essays by means of best students within the box of Caribbean reviews establish and remove darkness from vital social and cultural points of the area because it seeks to keep up its personal id opposed to the unrelenting pressures of globalization. those essays research cultural phenomena of their creolized forms--from activities and faith to tune and drink--as good because the Caribbean manifestations of extra common trends--from racial inequality and feminist activism to indebtedness and fiscal uncertainty. all through, the quantity issues to the contending forces of homogeneity and differentiation that outline globalization and highlights the growing to be enterprise of the Caribbean peoples within the glossy international.
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Example text
Three sets of policies and how they were implemented were critical in terms of their effects: currency devaluation, import liberalization, and price deregulation. Large devaluations of the local currency led to significant price inflation due to dependence on imports. In the case of Guyana, devaluations were large enough to counteract the effects of import liberalization. In Jamaica, the opposite tended to be the case, as the authorities were loath to use currency depreciation as a policy tool of adjustment.
11. The idea of a Regional Integration Fund came from the Guyana government in 1996. 12. See eclac, Economic Survey of the Caribbean, 2003–2004. 3 Globalization, the World Bank, and the Haitian Economy alex dupuy In 1996, 1998, and 2002 the World Bank issued reports that marked a turning point in its analysis of the causes of underdevelopment and poverty in Haiti. For the first time since the bank began to formulate development policy for that Caribbean nation in the 1970s, it argued that poverty remained pervasive and even deepened because of the long history of political instability, poor governance, corruption, and the misuse of public funds.
Financial service exports became significant for the smaller islands of the eastern and northern Caribbean such as Antigua and Barbuda, Barbados, and the Bahamas. 3 Despite a dependence on tourism exports, caricom countries lost market share to other Caribbean countries, especially Cuba and the Dominican Republic during the 1990s. The caricom region’s share of visitor arrivals declined from about 38 percent in 1990 to 34 percent at the end of the decade. As a consequence, visitor expenditure as a proportion of gross income also declined.