The Caribbean small economies in the world-economy: trade, economic performance, and innovation governance

Keith Nurse

Chapter 14 in The Elgar Companion to the Economies of Latin America and the Caribbean, 2025, pp 298-321 from Edward Elgar Publishing

Abstract: The Caribbean economies (CARICOM) are Small Island Developing States (SIDS) that have achieved significant growth and human development outcomes in the decades after independence in the 1960s. These economies, like many others, are faced with the middle-income trap and have seen a reversal in economic performance due to shifts in the region's structural conditions as manifested in rising indebtedness, accelerating deindustrialization and climate risks in a context of increased trade liberalization and global financial turmoil. This chapter outlines the experience of the Caribbean region in terms of integration into the historical and contemporary global political economy in terms of human development and trade and economic performance. The chapter concludes with a discussion about the imperatives of industrial upgrading and innovation governance and the broader economic and competitiveness factors in response to the challenges and the opportunities evident in the unfolding global context.

Keywords: Caribbean; CARICOM; Small Island Developing States (SIDS); Trade Policy; Industrial Upgrading; Innovation Policy (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035317196
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