Caribbean Economic Development and Challenges

These flashcards cover essential vocabulary and concepts related to the economic dynamics and challenges faced by Caribbean countries.

Guyana

A country experiencing a projected GDP growth rate of 41.5% in 2024 due to an oil boom.

CARICOM

An organization of Anglophone countries in the Caribbean aimed at economic integration.

Blue Economy

A sustainable approach to managing ocean resources, focused on economic diversification and environmental preservation.

Pantin and Attzs

Scholars who emphasize understanding Caribbean economic issues through historical contexts like slavery and indentureship.

Plantation Economy

An economic model characterized by dependence on export crops and natural resources, primarily in the Caribbean.

Rentier States

States that derive significant revenue from foreign sources under the form of rent, leading to various economic and social challenges.

Export Processing Zones (EPZs)

Areas where goods can be imported, processed, and exported without the usual tariffs or regulations.

Import Substitution Industrialization (ISI)

An economic policy aimed at reducing dependence on imported goods by promoting domestic production.

Economic Vulnerability

The susceptibility of a country's economy to various shocks, including natural disasters and market fluctuations.

Diaspora

Migrants who maintain strong ties to their home country, often contributing economically through remittances.

Keynesian Economics

An economic theory emphasizing that government intervention can stabilize economic cycles by affecting aggregate demand.

Sustainable Development

Development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Liquidity Preference

The theory that individuals prefer to hold money instead of investing it, which can affect interest rates and economic activity.

Foreign Direct Investment (FDI)

Investment made by a company or individual in one country in business interests in another country.

Economic Diversification

The process of increasing the variety of goods or services produced in an economy to reduce dependency on a single income source.