By D. Marshall
There are a selection of concern indicators confronting the Commonwealth Caribbean because the twenty first century dawns. worldwide adjustments are fast rendering the region's conventional monetary platform out of date. This publication indicates even though that the increasing NAFTA or the hemispheric flip in the direction of bloc formation can provide a fashion out for the Caribbean. Politics has to be introduced again into the regionalisation strategy, for every island executive is witnessing the narrowing of the variety of its country energy through strong TNCs, foreign monetary associations, Washington pursuits, and corporate-backed WTO commissions.
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Extra resources for Caribbean Political Economy at the Crossroads: NAFTA and Regional Developmentalism
Onis (1991) adds that economic development, defined in terms of growth, productivity and international competitiveness, constitutes the foremost and single-minded priority of state action in late developers. He takes the view that the degree of governmentbusiness co-operation and consensus on national goals is a product engineered by state elites themselves, through the creation of a special set of institutions 'relying on a significant element of compulsion' . Incidentally, the case of the authoritarian but developmental East Asian NICs highlights another important point.
Scenario 1: in some cases, while it was used to promote import-substitution industrialization (lSI), the end-result was the proliferation of inefficient industries. Scenario 2: in other cases, extensive state intervention tended to generate 'rent-seeking' on a substantive scale, which distracted the attention of economic agents from productive activities into lobbying for increased protection and government subsidies. Galenson (1992) and Balassa add that it worked in the East Asian NICs because these economies were outwardly-oriented and driven by market incentives and a strong private sector.
Under what conditions and class compromises can industrial-capitalist development occur? ) In the wake of these questions bob queries about development theory, particularly the confident claim that all countries are capitalist. Chapter 2 points out that the dominance of merchant capital is both cause and consequence of the region's subordinate place in the international division of labour. British colonial rule left four legacies that would prove critical in shaping the post-colonial political economy: (1) domestic white elite control of sugar production; 30 Caribbean Political Economy at the Crossroads (2) the primacy of import-trading networks rather than production itself as a locus of capital accumulation; (3) an overall weak indigenous business class; and (4) a small weak middle class.