Course Code

ECON 2020

Course Title

Caribbean Economy

Course Discipline

Economics

Units of Credit

Three (3)

Pre-requisite

ECON 1001 and ECON 1002

Semester of Offering

Semester II, 2012/2013 (StA - Wednesdays 10-12 or 6-8pm; SALCC TBA)

Course Coordinator

Dr. Marlene Attzs (Marlene.Attzs@sta.uwi.edu)

Course Lecturers

 

Course Description

This Course is devoted to the study of Caribbean economies. It is rooted in the hypothesis that Caribbean Economies are sufficiently distinct in nature from other economies to require specific analysis as a necessary basis for effective macroeconomic policy formulation and implementation.  The Course provides the opportunity for a detailed study of the body of literature on Caribbean Economic Problems and the available strategies for the resolution of these problems.

The course begins with an understanding of the issues pertinent to Economic Development from the Caribbean context and then proceeds to examine the literature which calls for a typology of economic systems.  The majority of the course then focuses on the history of Caribbean Economies, how the Caribbean Economy Works and Socio-Economic impacts of the functioning of the Caribbean Economy. 

This course would be delivered primarily through weekly two (2) hour lecture sessions and accompanied by one (1) hour tutorial sessions. Students are encouraged to familiarize themselves with the reading material and relevant current Caribbean events before lecture sessions to engage in discussions at the beginning of the class. Lecture sessions would therefore involve both these discussions and coverage by the lecturer of the associated literature. Students are also required to prepare tutorial questions for discussion during tutorial sessions. All reading material is made available either through the myelearning course interface, library or online resources.

Assessments are executed primarily through the myelearning interface and involve three (3) coursework components: an online multiple choice/ true or false quiz (5%); an online short answer quiz (10%) and an online discussion assignment (10%). Students are required to demonstrate knowledge of the reading material, as well as an internalization of the literature such that current economic issues in the Caribbean can be contextualized and explained.

 

Aim of Course

The course seeks to highlight the rationale behind the study of Caribbean Economy with the basic premise that not all economies are equal and macroeconomic management therefore requires a recognition and understanding of these differences in order to craft appropriate policy prescriptions. 

 

Course Units

Unit Number

Unit Name

Unit Description

1.

The Case for the Study of  Caribbean Economy

 

Unit 1 contextualizes the discussion on the Caribbean Economy by offering descriptions and definitions of what is meant by "the Caribbean".  This clarity is required from the outset to ensure commonality of understanding of the Caribbean region. The Unit also highlights the need for a unique approach tailored towards understanding how the Caribbean economy works as opposed to the traditional economic explanations provided for atypical/ special cases. The argument being explored in this unit is whether Caribbean economies can be justifiably explained, given their unique characteristics, by generalized economic theory.

Expected Outcomes

Students should be able to:

  • Describe and identify the concept of "Caribbean" and

be able to summarize the salient points on the Caribbean realities.

  • Describe, explain and critically evaluate macroeconomic and economic development performance of Caribbean countries

 

  •  Explain some of the vulnerabilities that impact on macroeconomic performance and economic development trajectory of Caribbean countries

 

  • Discuss the distinguishing features of Caribbean economies that require a typology of economic systems with detailed reference to the literature.

2.

How the Caribbean Economy Works and Socio-Economic impacts of the functioning of the Caribbean Economy

 

Unit 2 presents literature that has been customized toward explaining how the Caribbean economy actually works and why the operations of the economy have evolved to what it is today.  This Unit also addresses how such economies have evolved in terms of their historical backgrounds and in what ways this has been manifested into the region's current socio-economic impacts/characteristics.  The Unit reviews the outcomes of Caribbean economic management as manifested in crime, poverty and unemployment, among others. The learning outcomes of Unit 2 are as follows:

Students should be able to:

  •          Identify the relevant literature and explain the extent to which these can be applied to the Caribbean region or specific Caribbean countries.
  • Compare and contrast different explanations and typologies to evaluate the most appropriate explanations of the Caribbean.
  • Identify and describe key macroeconomic and socioeconomic issues in the Caribbean and suggest appropriate approaches and policies for these issues.

3.

Challenges to and opportunities for the Caribbean Economy as part of the global economy

Unit 3 explores the evolution of Caribbean economics in light of dominating globalization trends such as industrial policy and economic liberalization. In this unit one also considers the main issues of economic integration and the challenges of sustainable development in small island developing states (SIDS).

Expected Outcomes:

Students should be able to:

  •          Describe and evaluate the process of economic integration in the Caribbean and cite the relevant literature.
  • Describe and discuss the impacts of industrial policy in the Caribbean with specific reference to the literature.
  • Describe and discuss the impacts of economic liberalization in the Caribbean with specific reference to the literature.

 

 

 

Course Delivery             

Method of Delivery

Description

 

Lectures

One (1) 2-hour lecture session per week:

  • Wednesdays 10-12 noon in Room 107 (day students); 
  • Wednesday 6-8 pm in Room TCB 3.2 (evening students).

 

Tutorials

 

  • Students are required to attend and participate in tutorial sessions. In this connection students should be guided by Regulation 19. 
  • Tutorial sheets are designed to help students internalize and apply concepts taught during the lectures.   It is expected that students will complement material covered in the lecture sessions with use of the texts and recommended references. Students will be provided with tutorial questions which they are required to prepare before the weekly tutorial session. Every effort should be made to complete each tutorial sheet and please ensure that you prepare the tutorial questions to maximize your benefits from the tutorials!
  • Please visit the my e-learning site at: http://myelearning.sta.uwi.edu/course/view.php?id=10467 to select and register for tutorial and lecture sessions for ECON 2020.  You may also download the tutorial sheets for the course from this site. Students MUST be registered for a tutorial session and MUST attend that tutorial session in order to facilitate proper record keeping of attendance as per Examination Regulation 19 stated below.

 

 

Assessment

 

All students are required to complete the assessments as outlined below.  Please note the following with respect to course assignments:

1. Your tutor will grade all on-line activities, under the supervision of the course

    coordinator/lecturers.

2. Assignments are executed using the Moodle (myelearning) interface. This means that students

    are to ensure that they have access to myelearning by completing the registration process

    (which includes obtaining financial clearance). Any registration delays are to be brought to

    the immediate attention of the course lecturers in writing (via email). 

3. Schedule of Assessments

 

Assessment Item

Weighting

Opening date of assignment

Closing  date for Assignment

Assignment Details

Practice Quiz 1

0%

 

 

The practice quiz is intended to familiarize the student with using the myelearning module of completing an online assignment.

Online Coursework Quiz 1*

5%

 

 

The quiz is drawn from the introductory Unit 1 (The Case for the Study of Caribbean Economy) and Unit 2 (How the Caribbean Economy works) as well as material covered in the pre-requisite courses for ECON 2020. Further guidelines are available on the course site.

Online Coursework Quiz 2*

10%

 

 

The quiz is drawn from Units 1, 2 and 3. It consists of short answer questions. Further guidelines are available on the course site.

In-course Group Discussion and assignment ***

10%

 

 

Students will be assigned to online discussion groups which will require that each student make contributions to the discussion of an assigned topic/country. Students will be graded individually based on their contributions to the group discussion. The final grade assigned will also include and overall group mark. Further guidelines are available on the course site.

Final Exam

75%

To be announced

 

The opening dates of assignments will be from 12:05AM of the opening date; the closing dates of assignments will be until 11:55PM of the closing date.

Students must be completely registered (with financial clearance) in order to have access to the online assignments.  Students who have not completed registration should seek to do so before the online assignments open. It is not policy to accommodate students who have not been fully financially cleared because of non-payment of fees. Non-clearance because on non-payment implies that the student are not fully registered to access the course components and resources and therefore risk not being allowed to complete coursework assignments that are administered in such ways.

Students experiencing technical difficulties or other extenuating circumstances preventing the completion of the assignments are asked to inform Dr. Marlene Attzs and Ms. Malini Maharaj at the very earliest but no later than two (2) days after the attempt of the assignment. All communications must be formalized via email.

 

POLICIES TO NOTE

1.  Students are reminded of UWI Examination regulation no. 78 which states, inter alia,

    • 78. (i) Cheating shall constitute a major offence under these regulations.
    • (ii) Cheating is any attempt to benefit one’s self or another by deceit or fraud.
    • (iii) Plagiarism is a form of cheating.
    • (iv) Plagiarism is the unauthorised and/or unacknowledged use of another person’s intellectual efforts and creations howsoever recorded, including whether formally published or in manuscript or in typescript or other printed or  electronically presented form and includes taking passages, ideas or structures from another work or author without proper and unequivocal attribution of such source(s), using the conventions for attributions or citing used in this University.

 

  • UWI Examination Regulation No. 19 “Any candidate who has been absent from the University for a prolonged period during the teaching of a particular course for any reason other than illness or whose attendance at prescribed lectures, classes, ... tutorials, ... has been unsatisfactory or who has failed to submit essays or other exercises set by his/her teachers, may be debarred by the relevant Academic Board, on the recommendation of the relevant Faculty Board, from taking any University examinations. The procedures to be used shall be prescribed in Faculty Regulations.” 

 

In this connection, the Faculty of Social Sciences requires students to attend and participate in at least 75% of tutorials. 

 

Reading List and Useful Websites

Key readings can be found in the library either on the open shelf or in Closed Reserve. Students are urged to read all suggested material. Useful websites from which additional material may be downloaded are:  http://www.undp.org; http://www.caricom.org; http://www.caribank.org; http://www.eclac.cl/; http://worldbank.org; and http://www.iadb.org.  Additional references for specific topic areas will also be cited during the semester.

 

  • Pantin, Dennis and Marlene Attzs. The Economies of the Caribbean in “Understanding the Contemporary Caribbean. Edited by Richard Hillman and Thomas Agostino. Kingston: Ian Randle Publishers, 2009 (ML- call# F2161.U53.2009 or call #WI/F2161.U53.2009)
  • Demas, William G.  The Economics of Development in Small Countries: with special reference to the Caribbean.  Kingston, Jamaica: UWI Press:  2009
  • Dennis Pantin (Edited). 2005.  Reader in Caribbean Economy. Randle Publishers..
  • Caribbean Development Bank, 2010.  Growth and Development Strategies for the Caribbean.
  • International Monetary Fund (IMF).  2012.  Regional Economic Outlook,  Latin America and the Caribbean.  http://www.imf.org/external/pubs/ft/reo/2012/whd/eng/pdf/wreo1012.pdf
  • Economic Survey of the Caribbean 2012/13: Recent macroeconomic        performance and long-term economic growth. UNECLAC.        

http://www.eclac.cl/publicaciones/xml/3/48593/PreliminaryOverview2012.pdf

Sections

 

 

 OVERVIEW OF COURSE CONTENT

 

  • The Case for the Study of  Caribbean Economy
  • Economic Development in the Caribbean Context –Fundamental Characteristics        of Small Caribbean States: demographics, growth, size, and openness etc;
  • Definitions of Economics and Universal Constants;  Typology of Economic             Systems and Economic Theory

 

  1. How the Caribbean Economy Works and Socio-Economic impacts of the

functioning of the Caribbean Economy

  • Macro/theoretical level Analysis: Theoretical-Historical and Contemporary
  • Sector-specific Analysis; (Tourism)
  • Migration and Remittances
  • Labour Market, Poverty and Crime Impacts

 

  • Challenges to and opportunities for the Caribbean Economy as part of the global economy
  • Industrial Policy;
  • Regional Economic Cooperation and Integration;
  • Economic Liberalization.

 

 

Detailed reading list

DETAILED COURSE OUTLINE

Key for location of reading: OL- Online

                                                ME- My-elearning

                                                ML- Main Library

                                                LB- Lecturer’s Box

                                                MT- Main Text (Reader in Caribbean Economy)

 

1. THE CASE FOR THE STUDY OF CARIBBEAN ECONOMY

(A) Economic Development in the Caribbean Context: Definitions Demographics and fundamental characteristics of the Caribbean.

  • Bourne, Compton, “Feature Address,” Conference on the Economy, The University of the West Indies, St. Augustine, 2010 (ME)
  • Pantin, Dennis and Marlene Attzs. The Economies of the Caribbean in “Understanding the Contemporary Caribbean. Edited by Richard Hillman and Thomas Agostino. Kingston: Ian Randle Publishers, 2009 (ML- call# F2161.U53.2009 or call #WI/F2161.U53.2009)
  • Girvan, Norman. Re-interpreting Caribbean Development in "Economic Theory and Development Options for the Caribbean: The Sir Arthur Lewis Memorial Lectures (1996-2005). Kingston: Ian Randle Publishers, 2007. (ML- call# HC151. E36. 2007)

 

(B) Definitions of Economics and Universal Constants; Typology of Economic Systems and Economic Theory

  • Seers, Dudley. "The Limitations of the Special Case." Institute of Economics and Statistics, Oxford, 1963: 77 - 98. (ME)
  • Singer, Hans. "The Relevance of Keynes to Developing Countries." Estudios de Economia IV, no. 4 (July- Sept 1984) (ME)

 

2. HOW THE CARIBBEAN ECONOMY WORKS

(A) Theoretical-Historical and Contemporary

The following chapters from the Pantin (ed). Reader in Caribbean Economy.

  • Lewis, W, Arthur. Industrialization of the British West Indies: Chapter 1 (MT)
  • Best, Lloyd. A Model of Pure Plantation Economy Chapter 2. (MT)
  • Demas, W. The Political Economy of the English Speaking Caribbean: A Summary view  Chapter 5 (MT)
  •  Dudley Seers: The Mechanism of the Open Petroleum Economy or
  • -------------------The Life Cycle of the Petroleum Economy. Research and Development 1978   (MT)
  • E. Williams (2012): 50 years of managing for development in an ever-changing economic environment: lessons learnt and the way forward. http://sta.uwi.edu/conferences/12/cote/documents/COTESpeech2012final.pdf
  • Eric St. Cyr: Some Fundamentals in the Theory of  Caribbean Economy; Chapter 7 (MT)
  • D.A. Pantin-Governance in Natural Resource Based Rentier Economies in the Caribbean,  in Pantin(Ed).2005 Chapter 28 (MT)

and

  • Hazem Beblawi and Giacomo Luciani (eds).. The Rentier State. Croom Helm,especially Abdel-Fadil and Chatelus 1987. (ME) and (ML- call # HC 498. R46 1987).
  • George BeckfordPersistent Poverty: Underdevelopment in the Plantation Economies of the Third World. New York. Oxford University  Press. 1972 (ML - call # HC59.7 B396 P4 1972 or HC59.7 P6 B43 1999)
  • Kari Levitt: Reclaiming development: independent thought and Caribbean community / Kari Levitt.   Kingston : Ian Randle Publishers, 2005.Chapters 1-2 and 4. (ML- call # HC 151.L48 2005; HC 151. L48.2005; HC 151.L48.2005)
  • Lloyd Best (In collaboration with Eric St. Cyr) 2012: Transforming the Plantation Economy: Economic Policy and Management Choices. Trinidad and Tobago (1950-2005). Lloyd Best Institute.

(B) Natural Hazards and Disasters

  • Pantin, Dennis and Marlene Attzs.  2009.  Economic Impact Of Climate Change Regional Analysis Of Extreme Events in  the Caribbean Countries of the ECLAC (Final Report).  (ME) or (OL) http://www.eclac.org/publicaciones/xml/3/39533/LCARL.254.pdf
  • Davis I., Bender, S., Krimgold F., and F. McDonald (2011): Reducing Disaster Risks Progress and Challenges in the Caribbean Region. Environmental Hazards Series. ISBN 9781849713573
  • World Bank, 2010.  Natural Hazards, UnNatural Disasters: The Economics of Effective Prevention.  Washington D.C.: The World Bank
  • Albala Bertrand, J.M. 1993.  The political economy large natural disasters with special reference to developing countries.  Oxford: Clarendon Press.

(C) Sector-Specific (Tourism)

 The Case of Caribbean Tourism

The following chapter from the Pantin(ed). Reader in Caribbean Economy.

  • Jerome McElroy: Managing Sustainable Tourism in the Small Island Caribbean. Chapter 33 (MT)

and

  • D.A. Pantin:  The Challenge for sustainable development in small island developing states: case study on tourism in the Caribbean. Natural Resource Forum (ME)
  • Sharpley, R., and David Telfer.  2002: Tourism and Development: Concepts and Issues, Clevedon: Channel View Publications

(D) Migration and Remittances

The following chapter from the Pantin(ed). Reader in Caribbean Economy.

  •  Wendell Samuel: Migration and Remittances: A Case Study of the Caribbean. 2000 Chapter 29 (MT)
  • Attzs, Marlene: Natural Disasters and Remittances: Exploring the Linkages between Poverty, Gender, and Disaster Vulnerability in Caribbean SIDS. Research Paper No. 2008/61, UNU-WIDER, World Institute for Development Economics Research. June 2008. (ME)
  • Claremont Kirton: Remittances: The experiences of the English-speaking Caribbean. In “Beyond Small Change. Making Migrant Remittances Count”, eds. Donald F. Terry and Steven R.Wilson. Washington D.C.: Inter-American Development Bank (IADB) 2005: 261-294. (ME)

 

(E)         Labour Market, Poverty and Crime Impacts

  • UNDP:  Caribbean Human Development Report 2012.  (OL) Available from http://www.undp.org/content/dam/undp/library/corporate/HDR/Latin%20America%20and%20Caribbean%20HDR/C_bean_HDR_Jan25_2012_3MB.pdf
  • Boxill, Ian and Richard Quarless Determinants of Poverty among Youth of the Caribbean. UWI, SALISES, Mona Jamaica. Social and Economic Studies, vol. 54, no. 1 2005. (ME)
  • Kairi Consultants: T&T: Poverty Reduction and Social Development. IDB Report. August, 2004. Sections: II and IV. (ME)
  • Surveys of Living Conditions, Trinidad and Tobago and OECS Countries (ME)
  • Poverty Assessment Reports for St. Lucia.  Available from : www.caribank.org/publications (ME)
  • The Working Poor in the Caribbean (Poverty Studies Unit, UWI). (ME)
  • The United Nations Office on Drugs and Crime and the Latin America and the Caribbean Region of the World Bank.  .   Crime, Violence, and Development: Trends, Costs, and Policy Options in the Caribbean. March 2007  Selected Sections (ME)
  • Sandra Sookram, George Saridakis, Anne-Marie Mohammed. Do Victims of Crime Fear Crime More?  Empirical Evidence from SLCs (2005) of Trinidad and Tobago. Social and Economic Studies, Vol. 60, No.2, June 2011, 127-144. (ME)

 

3.  CHALLENGES TO AND OPPORTUNITIES FOR THE CARIBBEAN ECONOMY AS PART OF THE GLOBAL ECONOMY

(A)  Industrial Policy

The following chapters from the Pantin(ed). Reader in Caribbean Economy.

  • W. A. Lewis: Industrialization of the British West Indies. Chapter 1 (MT)  
  • ECLAC. Strategies of ‘Industrialization by Invitation’ in the Caribbean, 2005. (ME) available also at the following link: http://www.eclac.org/publicaciones/xml/7/23587/L.68.pdf
  • Lall, Sanjaya “ Industrial Policy- A theoretical and Empirical Exposition” in D.A. Pantin (ed.):  Industrial Policy and Caribbean Development 1995  (ME) and (ML- call # HC151 Z9 1535 1995)
  • Ramiro Moya, Anne-Marie Mohammed, Sandra Sookram:  Productive Development Policies in Trinidad and Tobago:  A Critical Review. IDB WORKING PAPER SERIES No. IDB-WP-115, Inter-American Development Bank, January 2010. Link:  (OL) http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=35049209

(B) Regional Economic Cooperation and Integration

The following chapter from the Pantin(ed). Reader in Caribbean Economy.

  • H. Brewster and C. Thomas: A Strategy for Economic Integration of the West Indies. Chapter 23 (MT)

 

  • Hall, Kenneth (eds.) Re- inventing CARICOM: The Road to a New Integration. Kingston: Ian Randle Publishers. 2003 (ML Call # HC 155.5. R45. 2003)
  • Mlachila Montfort, Wendell Samuel and Patrick Njoroge: ‘Integration and Growth in the Eastern Caribbean’ in “The Caribbean: From Vulnerability to Sustained Growth”. International Monetary Fund. 2006. Ratna Sahay, David O. Robinson and Paul Cashin (eds.) Chapter 12 (ML- Call # HC151. C257. 2006)

(C) Economic Liberalization

  • Witter, Michael. Trade liberalization: The Jamaican Experience.  Department of Economics, The University of the West Indies, Mona Jamaica 2004 (ME).
  • Alvin D. L. Hilaire.  Caribbean Approaches to Economic Stabilization. IMF Working Paper WP/00/73.  April 2000.(ME) or available from the following link: http://www.imf.org/external/pubs/ft/wp/2000/wp0073.pdf
  • Anne KruegerGovernment Failures in Development, Journal of Economic Perspectives, Vol. 4#3, Summer 1990 (ME)
  • Kari Levitt: Reclaiming Development: independent thought and Caribbean community.   Kingston: Ian Randle Publishers, 2005.Chapters 5,7-8. (ML- call # HC 151.L48 2005; HC 151. L48.2005; HC 151.L48.2005)
  • ECLAC:  Restructuring Caribbean Economies to Trade Liberalisation. (ME)