Trade, Investment and Development in the Contemporary Caribbean

"Small open economies like those making up the countries of the Caribbean region share a number of fundamental problems of economic management which ultimately affect the entire development process. Co-authors Bhoe Tewarie and Roger Hosein use Trinidad and Tobago and the management of its energy resources as a case study to examine some of the development challenges that face countries of the region. They make the point that in spite of that country’s abundant energy resources which has allowed it to grow at a comparatively rapid rate, Trinidad and Tobago, like lesser endowed CARICOM partners, has had to cope with challenges such as diversification, human development, managerial capacity and institutional weakness , all of which contributed to seven consecutive years of decline between 1983 and 1990. Not only is the availability of resources no guarantee for economic success, it also creates unique problems and in the case of Trinidad and Tobago, this is manifested in uneven development in the energy sector compared to other sectors of the economy and society. While the volume focuses on Trinidad and Tobago, there is ample discussion of a range of issues that affect the entire region extending from trade within CARICOM to globalization, open regionalism, relations with the United States, human capital formation and the role of education systems and educational policy in the development process. Tewarie and Hosein combine their talents and research in the areas of economics, culture, education, literature, trade and investment, and development generally, to produce a volume that is rich in data and insights into the development process."