Contemporary Challenges for Caribbean Economies

Beschreibung

The COVID-19 pandemic laid bare economic weaknesses throughout the Caribbean region, and humane standards of living are at risk. This book highlights the retooling that must be done to promote economic stability in this important area of the world. It contributes to ongoing discourse regarding Caribbean economies and highlights the long-term economic challenges that must be addressed to move forward.

In this book, economists Terence M. Yhip and Brian Alagheband offer ideas and proposals to reinvigorate economic growth through the adoption of technology and investment in human capital. The book explains how to diversify economies by increasing the complexity of exports. With a shift in priorities, nations will need to raise total factor productivity and potential output.

The book offers strategies to diversify the production and export of complex goods and services. The authors note that the necessary capabilities can take nations decades to build. Such investment will require trade-offs and sacrifice. Progress cannot and will not be immediate, but such modifications will produce meaningful economic returns.

Contemporary Challenges for Caribbean Economies includes a chapter on the oil future for Guyana, a rising economic “superstar” due to the nation’s oil riches that portend either blessing or curse. It also includes a chapter written by Tawfik Ramtoolah about the impressive dynamism of the Mauritius economy, which transformed from sugar-cane monoculture to industrial and financial services diversification.

Terence M. Yhip is an economic consultant. He was previously a commercial banker and Visiting Fellow in the Department of Economics at the University of the West Indies in Mona, Jamaica. He holds a Ph.D. in economics from McGill University. Alongside Alagheband, Yhip is the coauthor of The Practice of Lending.

Brian Alagheband is an economic policy consultant at Hydro One in Ontario, Canada. He holds a M.A. in Economics from York University.

The COVID-19 pandemic laid bare economic weaknesses throughout the Caribbean region, and humane standards of living are at risk. This book highlights the retooling that must be done to promote economic stability in this important area of the world. It contributes to ongoing discourse regarding Caribbean economies and highlights the long-term economic challenges that must be addressed to move forward.

In this book, economists Terence M. Yhip and Brian Alagheband offer ideas and proposals to reinvigorate economic growth through the adoption of technology and investment in human capital. The book explains how to diversify economies by increasing the complexity of exports. With a shift in priorities, nations will need to raise total factor productivity and potential output.

The book offers strategies to diversify the production and export of complex goods and services. The authors note that the necessary capabilities can take nations decades to build. Such investment will require trade-offs and sacrifice. Progress cannot and will not be immediate, but such modifications will produce meaningful economic returns.

Contemporary Challenges for Caribbean Economies includes a chapter on the oil future for Guyana, a rising economic “superstar” due to the nation’s oil riches that portend either blessing or curse. It also includes a chapter written by Tawfik Ramtoolah about the impressive dynamism of the Mauritius economy, which transformed from sugar-cane monoculture to industrial and financial services diversification.

Autor*in

Terence M. Yhip

Themen in »Contemporary Challenges for Caribbean Economies«

Economic challenges New approaches to economic growth and development Product complexity Middle-income trap Technological adoption Leapfrogging and detour strategies to escape middle-income trap Yhip and Alagheband book Economic development in the Caribbean Challenges to development in developing nations

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“In our search for sustainable development, this book offers a fresh and bold take on novel economic development models in the Caribbean. Carefully studying the region’s economic and political history, masterfully integrating established as well as new conceptual frameworks, and leveraging empirical analysis, Terence Yhip and Brian Alagheband tackle the question raised by Sir Arthur Lewis on the significance of economic growth in small open economies. This book will be of interest to students and researchers in economic development in the Caribbean. It is also applicable to a diverse group of developing economies and can be a guide for economic policymakers. A definite must read!” (Aleksandr V. Gevorkyan, Henry George Chair in Economics, The Peter J. Tobin College of Business, St. John’s University; author of “Transition Economies”)

“This book is a must read for students and policy makers of the Caribbean region, and beyond. It presents new data on key macro aggregates and growth correlates, and the corresponding analyses are theoretically grounded. Readers interested in the resource curse or the paradox of plenty will also find many useful references and policy suggestions to help Guyana avoid the dreaded Dutch disease.” (Tarron Khemraj, Professor of Economics and International Studies, New College of Florida; coeditor of ‘Economic Challenges in Early 21st Century Guyana’)

“This book provides a comprehensive analysis on the historical and contemporary socio-economic issues within the Caribbean development context and provides significant recommendations for sustainable diversification. Of special interest is the detail paid to the examination of the growth trajectories in the Region and the utilization of a case study approach in some instances to investigate challenges in a practical manner. The strength of the book lies in its genuine advocacy for an economic growth strategy that focuses on increasing production and diversification by embracing technology and innovation.” (Natasha Ramkissoon-Babwah, Lecturer, Entrepreneurial Studies, Department of Management Studies, University of the West Indies, St. Augustine)

“This book undertakes a timely and relevant analysis of the historical growth experiences of the Caribbean countries. It addresses events that have curtailed the region’s development over the years and breaks down present and forthcoming challenges for those countries with new oil and gas sectors. Emphasis is placed on diversification, which has been beyond the reach of post-independence Caribbean states but remains critical for promoting sustainable long-term growth. What is particularly commendable is that the book considers solutions to promoting faster growth at the regional level and building blocks for country-specific policy responses. To this end, it considers diversification strategies and policies to build innovative capacities including technological upgrading. This is certainly a must-read for students, academics, and policy makers interested in Caribbean development!” (Dianna DaSilva-Glasgow, Senior Lecturer (Economics) and Dean, Faculty of Social Sciences, University of Guyana)

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