Rationale and Definition
The CARICOM single market and economy (CSME) is CARICOM’s renewed and more comprehensive economic integration arrangements which is one of the four pillars (economic integration, human and social development through functional cooperation, foreign policy coordination, and security) on which CARICOM’s pursuit of its overall objectives are based.
The Caribbean economic integration movement originated amongst the English speaking countries but has expanded to include Dutch and French speaking countries in the region. The rationale for this arrangement was originally to encourage trade and production to facilitate economic growth and development amongst these newly independent states.
In the early to mid-2000s, however, when the CSME was being formalised by the Revised Treaty of Chaguaramas (RTC), this period was characterised by trade and financial liberalisation brought on by a change in multilateral trading arrangements after the Uruguay Round of trade...
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Seerattan, D. (2019). Caribbean Single Market and Economy (CSME). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_3106-1
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DOI: https://doi.org/10.1057/978-1-349-95121-5_3106-1
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