“Most Caribbean countries are merely large rocks in the ocean,” said Owen Arthur, former Prime Minister of Barbados. “They have much to do; but so little to work with. It is hence a miracle of modern civilization that coherent and cohesive society can be constituted in our adverse circumstances. Progress will not come easily. It has to be fought for.”
On January 19, 2015 at the St. Augustine campus, Mr. Arthur gave a lecture on how vital economic integration was to the region, the setbacks it has faced and the urgency of renewing the integrationist agenda in the face of “dire” circumstances.
His presentation, part of The UWI’s Distinguished Lecture Series, was hosted by the Institute of International Relations. Under the topic, “Caribbean Regionalism in the Context of Economic Challenges,” he looked at how the integration process has frayed, the region’s worsening economic fortunes and strategies to revitalise the movement towards a unified economy.
“It has to be acknowledged to begin with that the integration movement in the Caribbean and the countries of the Caribbean community in their individual capacities now have to grapple with challenges which did not exist or which are now more severe than anticipated when the movement was put in place,” Mr. Arthur told attendees at the Noor Hassanali Law Lecture Theatre.
He pointed to increased competition, outmoded and inefficient economic practices and the failure of the Caribbean to take part in trade groups as reasons for the region’s poor performance.
“A large proportion of the contemporary economic crisis with which individual Caribbean economies have to contend originates in their unwillingness or inability to make adjustments that could enable them to adapt to the changes in the global trade and economic environment which have a direct and fundamental bearing on their structures and functioning,” Mr. Arthur said.
He was however hopeful for the region, advocating greater economic liberalism and commitment to the Caribbean Single Market Economy (CSME) and other integrationist institutions and initiatives.
“There is a new Caribbean economy that is waiting to flourish,” Mr. Arthur said. “The old economic paradigm of domestic economies based on the use of land, labour and capital is going to have to give way to a new paradigm of a new Caribbean economy driven by innovation, entrepreneurship, technological sophistication and the adoption of global best practices in every field of economic endeavour.”
Among his policy ideas for regional economic integration, Mr. Arthur stressed the need for a “supranational authority” to give it the power it needs, calling it “the most vital undertaking that should be engaged in our region.”
Mr. Arthur’s well-attended presentation was the first Distinguished Lecture at the St. Augustine campus for 2015. The Distinguished Lecture series brings renowned speakers in politics, diplomacy, academia, the arts and business, from the region and beyond to share their insights.
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