Diversification, Macroeconomic Growth and Development: The Case of Martinique
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The case of Martinique offers some new insights on the capacity of diversification as a way out of recessions. Economic accounting of Martinique shows that diversification in service activities can have a causal and long effect on macroeconomic growth but not necessarily on per income capita growth. Reflecting on the last half century of this small island, an Overseas Region of France, using the models of the New Development Structuralist Approach suggests that diversification can be a consequence of a development strategy and a macroeconomic growth accelerator as well, if the territory itself is considered as a product: “a strategic invisible service”.
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