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Indigo Economic Development of Caricom: From Early Colonial Times to the Present | Erin Mills Town Centre
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It has been suggested that, if CARICOM nations wish to accelerate their development, they should embrace laissez-faire economic policies. However, laissez-faire economic policies have reinforced the very economic and social structures that have contributed to their low level of development; furthermore, laissez-faire economic policies ignore social attitudes that can greatly influence a nation’s development. Moreover, low-skilled labor-intensive production processes, which once propelled growth in CARICOM nations, will no longer perform a similar role because production processes are becoming more and more knowledge-skills intensive, and nations wishing to attract foreign manufacturing investment or high-tech services may not be able to do so without an adequate pool of the necessary knowledge skills. CARICOM nations must therefore try to accumulate a pool of knowledge skills that can help their economies become internationally competitive.
It has been suggested that, if CARICOM nations wish to accelerate their development, they should embrace laissez-faire economic policies. However, laissez-faire economic policies have reinforced the very economic and social structures that have contributed to their low level of development; furthermore, laissez-faire economic policies ignore social attitudes that can greatly influence a nation’s development. Moreover, low-skilled labor-intensive production processes, which once propelled growth in CARICOM nations, will no longer perform a similar role because production processes are becoming more and more knowledge-skills intensive, and nations wishing to attract foreign manufacturing investment or high-tech services may not be able to do so without an adequate pool of the necessary knowledge skills. CARICOM nations must therefore try to accumulate a pool of knowledge skills that can help their economies become internationally competitive.
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![American Business Leaders [2 Volumes]: From Colonial Times To The Present](/whatsinstore/_next/image?url=https%3A%2F%2Fcdn.mall.adeptmind.ai%2Fhttps%25253A%25252F%25252Fcdn.shopify.com%25252Fs%25252Ffiles%25252F1%25252F0655%25252F8980%25252F5233%25252Ffiles%25252F1_aa97b252-1b55-49fe-a923-b4879578bcec.jpg_medium.webp&w=3840&q=75)
