This book is designed to help students, practitioners and policy makers gain an understanding of the existential challenges that confront small developing states that have resulted in several economic fallouts to the extent that some countries have experienced the demise of many of their traditional industries. It also presents a compendium of approaches, tools and policies that can assist in resolving some of the lingering challenges faced by these countries. It is envisaged that these approaches will invariably increase their competitiveness and thereby contribute to economic growth. The book also analyzed the policy and regulatory environment in several small developing states and has developed approaches that are critical to strengthening the institutional capacity in support of the SME sector. This is an imperative in their quest to become more productive and competitive and thereby create opportunities for sustained economic growth. Emanating from a regional study of the industrial status in the CARICOM Member States, it proposes new and revised approaches to public policy on many development issues. The book is replete with insights, inspiring real life cases and offers alternative approaches to development.