A Framework for Studying Caribbean Industrial Policy Author(s):Thomas Klak Economic Geography, Vol. 71, No. 3 (Jul., 1995), pp. 297-317
Published by: Clark University Stable
URL: http://www.jstor.org/stable/144313 Description 1000 words
The globalisation of business and the ever increasing pace of technological change present a competitiveness challenge to all countries and enterprises within them. The advent of instantaneous, worldwide communications 24 hours a day has turned the world into a single marketplace where customers can have full knowledge of competing products and services, where speed and quality of response by suppliers (as well as price) are important determinants of success. Such an intensely competitive environment makes smaller, developing countries especially vulnerable in their attempts to gain a reasonable share of world trade. For example, the Government of St Lucia has evolved an industrial policy to support the development of businesses so that they can compete effectively in the domestic, regional and wider international markets. This paper argues that further aggressive stimulation of the economy is necessary for these middle American countries to survive. The Caribbean is establishing a technology and innovation nexus, the 'Caribbean Technology and Innovation Park', to be a major driver of economic growth through the establishment of technology-based enterprises, and increased technology transfer and development. It will be beautifully landscaped with lush tropical vegetation in an area with beautiful mountain views, and nearby eco-tourist attractions. They can stimulate the economy by bringing tourists to explore their country. They are encouraging foreign export of their raw materials in order to be a supplier of the world. However, when no money is returned into the economy because all the materials are exported and