An Economy Blinded by the Sun

An Economy Blinded by the Sun
It’s a Small World After All

As globalization has carried with it a greater degree of potential for economic integration among different nations, the tiny English-speaking Caribbean states are fighting for their place in an ever-shrinking world. Aside from the potential boon associated with globalization, the spread of free trade and increased competition between transnational corporations could pose another considerable threat to vulnerable Caribbean nations that are often ill-equipped to retaliate against more economically formidable societies.

As far back as the eighteenth century, national economies experienced the initial phases of industrial capitalism. During this era imperial powers, such as England and Spain, exploited the colonies, forcing them to export raw materials to the mother-countries for processing, which prevented the Caribbean islands from achieving a proper degree of progress. For instance, the island nation of Saint Kitts and Nevis historically had come to depend heavily upon on sugar exports and had the potential to complete the entire production process from inception to launch. However, raw sugar was then required to be shipped to England for refinement, after which the Saint Kitts and Nevis government had to pay to import granulated sugar back to their island.

This analysis was prepared by COHA Research Associate Amanda Knarr.

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