The contemporary scene

Issues relating to the creation of self-sustaining growth in Caribbean economies are very much on the agenda. In Cuba, this takes the form of identifying an appropriate reform path given its past.

The negotiations around the European Partnership Agreement in which most regional govern­ments have participated also saw significant disagreements with respect to industrial and trade policy, as well as the value of regionalism and the extent to which special and differential treatment remains valid on the grounds which it is demanded, many relating to the vulnerability of the small island developing states (SIDS). Questions have also been raised regarding the space which the new globalization permits to Caribbean economies, which seek to maintain sectors as varied as local manufacturing and offshore financial services. The role of micro-, small-, and medium­sized businesses and the nature of the informal economy and/or how it can be drawn more into the formal economy, continue to receive attention as does the revival of the agricultural sector in some countries.

Credence must be given to the region's vulnerability as economies have been devastated by a single natural event. At the same time, many economists would argue that popular sentiment favors contradictory policies which would support high wages, low prices on locally produced and imported goods, fixed exchange rates, protected national industries, low taxes, and high government spending. The business classes often only differ from the masses with respect to wages. They favor incentives for their own operations and government expenditure which benefits them, but are more willing to see other expenditure curtailed. In the past there have been debates as to the interaction between the economy and society, and where the problems had to be addressed first. Currently there is growing appreciation for the importance of achieving social consensus as an important element in creating the conditions for economic development.

Economists continue to disseminate their work through international and regional channels, including a range of annually held conferences within the region and Caribbean journals which are increasingly available through electronic databases or through online versions. Websites which provide accessible information on Caribbean economics are also emerging. There is a fairly well established network of academic institutions but many students still have to go abroad to do doctoral studies. Economics has been a male-dominated profession but this has been changing at varying paces in different countries, and when the history of the next two generations of economics is written I expect that this shift will be evident.

Note

* In preparing this chapter, I have benefited from the assistance of colleagues working throughout the region, including Maribel Aponte-GarUa, Jean Casimir, Miguel Ceara Hatton, Graciela Chailloux, Charles Clermont, Romain Cruse, Macklenan Hasham, Peter Jordens, Winston Ramautarsing, and Pedro Rivera Guzman, whom I acknowledge and thank, while absolving them of responsibility for any errors. Histories of economic thought are yet to be written for most Caribbean countries.