Caribbean Studies

Running Head : Colonialism in Current Caribbean providenceThe Legacy of Colonialism in the Current Caribbean EconomyAuthorInstitutionProfessorClassThe Legacy of Colonialism in the Current Caribbean EconomyIn the 21st cytosine , the Caribbean faces many stinting problems that can be attributed to their hi invention of colonialism . through break hundreds of years of settlement , the islands of the Caribbean were ruled and squabbled over by several(prenominal) European countries , mainly Spain , England and France (Hi legendworld .net , 2007 . This segregation resulted in each island forming its profess culture and frugality , rather than developing as a unified biotic community . Today , there be over 16 forms of currencies used within the group of keen islands (XE .com , 2007While an other(prenominal) countries wer e developing sophisticated economies based on a divers(prenominal) look-alike of imports and exportations , skills , and treats , the Caribbean was limited to agriculture . Namely the production and export of startle line crops , and to a lesser degree : tobacco and chicken feed . This narrow economic focus meant that little exploration was do into other possible areas of income . Since the goal of the colonists was to focus on the near profit sufficient assiduity at the time , the islands come not developed a wide enough mannikin of sellable skills or products to sustain economic health and step-up (Hilaire , 2000The Caribbean economy is free highly reliant on foreign not bad(p) , in the form of visitors and holiday makers . Over 70 of the gross domestic product of some islands comes from touristry (Caribbean-guide .info , 2007 ) The Caribbean relies so heavily on its tourism industry , that its economy is buttoned to the US with some islands having a cons tant exchange set up between the US vaulti! ng horse and their have coin (Caribbean-guide .info , 2007 ) This reliance on the strength of a foreign money is one example of how the legacy of colonization has fixd an acceptable dependence on bigger more correctly nations to foster Caribbean economic securityThe Caribbean has only a marginal place in the red-brick globalized economy and relies heavily on its seasonal tourism industry (Caribbean-guide .info , 2007 ) The sound a path from preferential trade agreements with the States and Europe for bananas was one significant event that accent the wideness of the Caribbean dominateing a more independent sort to create a stable and strong economy (Francis , 2006 ) This prompted the Caribbean community (CARICOM ) to examine strength in numbers through the establishment of the upstart Single Market and Economy (CSME ) to create a stronger assign for external trade .

While this was a imperative proceed , more measures need to be taken in for the Caribbean to find beneficial trade agreements , and remain competitive with other larger Latin American countries (Jessop , 2007Many companies in the Caribbean are still family own (BBC .co .uk 2007 ) This form of industry is unable to compete in directly s global marketplace . A lack of capital and technical workforce are other hindrances to this region . This could be contributed to the detail that it is only since the gradual abolition of slavery in the Caribbean islands the nineteenth century that the local people have been able to own property or businesses , or receive an information (Caribbeanedu .com 2007Owen Arthur , Barbados tiptop Minister , recently applauded the one company s move to numerate themselves on the London Stock Exchange! , expression that he hope to see more companies `that are Caribbean in their possession but global in their focus (Cited in Jessop , 2007 ) This way of thinking , if followed by governments and other companies , may dish out the Caribbean find a more steady footing in the new global economyReferencesHistoryworld .netCaribbean-guide .infoXE .comCaribbeanedu .comBBC Caribbean . Jessop , D (2007 , April 17 ) A Caribbean dexterous set goes global . Retrieved February 23 , 2008 from HYPERLINK http /www .bbc .co .uk /caribbean /news /story /2007 /04 /070402_jessop .shtml http /www .bbc .co .uk /caribbean /news /story /2007 /04 /070402_jessop shtmlFrancis , K (2006 ) Island economics : cede Trade in the Caribbean Harvard International Review , 28Hilaire , A (2000 ) Caribbean Approaches to economical Stabilization IMF Working 00 /73 (Washington : International financial FundCaribbean Economy PAGE 4 ...If you want to get a full phase of the moon essay, order it on our websit e: OrderEssay.net

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