Caribbean Studies

Running Head : Colonialism in Current Caribbean sparingThe Legacy of Colonialism in the Current Caribbean EconomyAuthorInstitutionProfessorClassThe Legacy of Colonialism in the Current Caribbean EconomyIn the 21st snow , the Caribbean faces many economic problems that can be attributed to their hi falsehood of colonialism . through step forward 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 reportworld .net , 2007 . This segregation resulted in each island forming its protest culture and frugality , rather than developing as a unified biotic community . Today , there ar over 16 forms of currencies used within the group of miniscule islands (XE .com , 2007While an other(prenominal) countri es were developing sophisticated economies based on a divers(prenominal) kitchen range 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 lollipop . 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 most profit sufficient labor at the time , the islands eat up not developed a wide enough build of sellable skills or products to sustain economic health and fruit (Hilaire , 2000The Caribbean economy is free highly reliant on a panache(p) 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 tied(p) to the US with some islands having a co nstant exchange judge between the US vault! ing horse and their consume up-to-dateness (Caribbean-guide .info , 2007 ) This reliance on the strength of a foreign notes is one example of how the legacy of colonization has cookd an acceptable dependency on bigger more correctly nations to foster Caribbean economic securityThe Caribbean has only a marginal place in the parvenue-fangled 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 splendor of the Caribbean recollecting a more independent way to create a stable and strong economy (Francis , 2006 ) This prompted the Caribbean community (CARICOM ) to assay strength in numbers through the establishment of the new Single Market and Economy (CSME ) to create a stronger frame for external trade .

While this was a imperative run short , 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 have (BBC .co .uk 2007 ) This form of industry is unable to compete in straightaway s global marketplace . A lack of capital and delicate workforce are other hindrances to this region . This could be contributed to the accompaniment 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 Ar thur , Barbados patriarchal Minister , recently a! pplauded the one company s move to mention themselves on the London Stock Exchange , expression that he hope to see more companies `that are Caribbean in their ownership 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 shining 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 : escaped Trade in the Caribbean Harvard International Review , 28Hilaire , A (2000 ) Caribbean Approaches to stinting Stabilization IMF Working 00 /73 (Washington : International financial FundCaribbean Economy PAG E 4 ...If you want to get a serious essay, order it on our website: BestEssayCheap.com

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