Advertisement

Whose Governance? IMF Austerities and Diversification in a Small Island State: The Case of Jamaica

  • Ann Marie BissessarEmail author
Chapter

Abstract

The International Monetary Fund (IMF) and the World Bank have for a long time embarked on what can be described as a ‘trustee’ relationship with countries in the Commonwealth Caribbean. From the latter half of the 1970s, countries such as Trinidad and Tobago, Guyana, Barbados, as well as Grenada were ‘forced’ because of their chronic need for ‘hard’ currency loans to approach the IMF and the World Bank. These loans were accompanied by structural adjustment measures. This chapter attempts for the first time to evaluate in the case of Jamaica, whether the measures introduced by the Lending Agencies resulted in some measure of economic growth in the countries under review. The chapter then examines the new agreements entered into by these countries and the measures that accompanied them. The overarching argument is that the forces of globalization as well as austerity measures introduced by lending agencies such the IMF and the World Bank prevent rather than encourage small island governments to embark on ‘national’ development plans and programmes.

References

  1. “Planning Institute of Jamaica: An Agency of the Ministry of Finance and Planning.” Accessed May 12, 2018. http://www.pioj.gov.jm/.
  2. Adam, Christopher, William Cavendish, and Percy S. Mistry. Adjusting Privatization: Case Studies from Developing Countries. London: James Currey Ltd, 1992.Google Scholar
  3. Beckford, George. “The Future of Plantation Society in Comparative Perspective.” In The George Beckford Papers: Selected and Introduced by Kari Levitt, ed. Kari Polanyi Levitt, 336–346. Kingston, Jamaica: Canoe Press, 2000.Google Scholar
  4. Best, Lloyd, and Kari Polanyi Levitt. Essays on the Theory of the Plantation Economy: A Historical and Institutional Approach to Caribbean Economic Development. Kingston, Jamaica: University of the West Indies Press, 2009.Google Scholar
  5. Furtado, Celso. The Economic Growth of Brazil: A Survey from Colonial to Modern Times. Berkeley: University of California Press, 1963.Google Scholar
  6. Girvan, Norman. “Notes for a Retrospective on the Theory of Plantation Economy of Lloyd Best and Kari Polanyi Levitt.” In Caribbean Economies and Global Restructuring, ed. Marie-Claude Derné and Keith Nurse, 17–25. Jamaica: Ian Randle Publishers, 2002.Google Scholar
  7. Johnston, Jake. “The Multilateral Debt Trap in Jamaica.” Washington, DC: Centre for Economic and Policy Research, June 2013. http://cepr.net/documents/publications/jamaica-debt-2013-06.pdf.
  8. Johnston, Jake, and Juan Antonio Montecino. “Update on the Jamaican Economy.” Washington, DC: Centre for Economic and Policy Research. Accessed May 2012. http://cepr.net/publications/reports/update-on-the-jamaican-economy.
  9. McAfee, Kathy. Storm Signals: Structural Adjustment and Development Alternatives in the Caribbean. Boston, MA: South End Press in association with Oxfam America, 1991.Google Scholar
  10. Valdez, Contanza, and Terry Roe. Economic Integration in the Western Hemisphere: Proceedings of a Symposium Sponsored by the International Agricultural Trade Research Consortium and the Inter-American Institute for Cooperation on Agriculture, June 7–9, 1995. San Jose, Costa Rica (April, 1997).Google Scholar

Copyright information

© The Author(s) 2019

Authors and Affiliations

  1. 1.Faculty of Social SciencesThe University of the West IndiesSt. AugustineTrinidad and Tobago

Personalised recommendations