Economic and Social Development in Post-Independence Jamaica and Barbados Essay Example for Free

Economic and Social Development in Post- emancipation Jamaica and Barbados EssayJamaica and Barbados c each for socially and economically advanced since their independences. Each country has been able to economically sustain itself without the assistance of Britain, which use to govern the two as territories. But despite the two countries self-regulation and reliance, both of the states argon quite poor, and are considered third world countries. Jamaican and Barbadian History Both of the two democracys were originally colonized by Great Britain ( aft(prenominal) being discovered by the Spanish) under the mercantilism policy, which encouraged European colonization of opposite areas. This was because the policy showed that a grounds prosperity could be determined by its adequacy in trade, and trades were far more valuable than imports under the policy. So European tribes that could non produce particular products on their own would colonize other areas that could, so they c ould use the goods, and export them to other nations that did not have the style to acquire those particular goods on their own. So more of the Caribbean islands that Britain colonized were exploited because of their warm climates, which allowed them to grow genuine raiments, such as dough.This crop was one of the chief(prenominal) reasons that Britain had colonized such territories as Jamaica and Barbados. Jamaicas Independence and its Economic Enterprises Thereafter It was in 1962 that the United Kingdoms parliament granted Jamaica its independence, after which the nation ceased to be regulated by its European founder. After its independence, the Jamaican government arose, and began sponsoring employment opportunities, though many jobs arose in the private sector.Sugar and bananas were the original crops grown in Jamaica, and exported to mends worldwide, and the cultivation of these crops serves as a major microbe of employment on the island. The nations tropical climate makes it a suitable location for the growing of these crops, which cannot be grown in the United States or Europe, so or so of the dulcify and bananas in those areas come from Jamaica. Jamaican Exports and Recent Economic Problems Jamaica also has a natural supply of bauxite, which is a source of aluminum ore, and is therefore a valuable product, which employs many people as miners.But recently, the economic spot of the island has been declining. Periods of unfavorable weather have led to a sharp decrease in the production of sugar cane and bananas over the last decade, and inflation has been plaguing the island. The recent lack of favorable agricultural activity has been so extreme that the nation has been forced to import products that, if conditions were better, Jamaica could produce itself. But lately, coffee has been another profitable crop that can be grown around the islands blue mountains area, when sugar and bananas cannot, and it serves as a immemorial export, and sour ce of national income.Other Industries in Jamaica Jamaica also has an industry concerned with the rearing of domestic animals, and a dairy industry. But that has also been declining, and the nation has actually been importing milk, butter, and cheese from elsewhere. Other smaller notes crops of the island include citrus fruits, such as oranges, and cocoa, but the industries concerned with those crops are considerably smaller than that of the sugar sector. Mining employs a small number of citizens, as does fishing, and foresting, as loggers are able to export tone to countries that do not have access to the same tropical woods.Also in Jamaica is the manufacturing industry, which usually accounts for scantily under 20% of the nations GDP annually. Tourism has also proved to be a profitable market for the nation, and it serves as a social and economic boost for the nation, but since the turn of the century, touristry has been slower in Jamaica. Barbados Independence and Its Trade H istory Barbados achieved its independence from the United Kingdom in 1966, after which the nation began governing and regulating itself.Since that sentence, sugar cane has proved to be the greatest contribution to the nations employment, and it serves as Barbados most significant export. In 1961, five years before the countrys independence from great Britain, Barbados opened the Deep Water Harbour port, located in Bridgetown, which serves as the nations principal(prenominal) port, and allows large container ships and freighters to export sugar and manufactured products Barbados Manufacturing Sector Although sugar was for some time the main source of income for the nation, recently, manufacturing and touristry has been increasing in Barbados.The manufacturing sector began in the 1980s, and continued to be a profitable investment in the country into the 1990s, as certain companies exploited the nations bodacious labor to save money on manufacturing in the United States and Europe. The United States has proved to be the main trade collaborator of Barbados, which also relies on certain imports from the United States. The United States remained Barbados leading trade partner in 1987 with transactions valued at $189 million ($128 million in U. S. exports and $61 million in U.S. imports), an article for Business America, entitled Barbados economy relies on U. S. for products, investment Business Outlook Abroad report of the trade status in 1988.Moreover, Barbados continued to welcome American investment in virtually all sectors of the economy. In addition to direct investors, in recent years Barbados has attracted a sizable number of American captive insurers, international business companies, and foreign sales corporations largely through a bilateral two-bagger taxation agreement. This means that at an earlier time, the economy of the nation was stabilized by foreign investments, and exports that served to have-to doe with trade relations between the United States and Barbados. Trade Alliances and Foreign Investments And with Barbados good terms with the United States came the tourism industry. American, Canadian, and European tourists provide the nation with a stable tourism industry that serves as a main source of income on the nation.Foreign interests in the nation that led to the tourism industry was somewhat of an abnormal event for a Caribbean country, as most nations in the area have not been able to benefit on the industry, or attract foreign investors in its markets as Barbados did. Major tourism projects, such as resorts and cruise adventures continue to benefit the nations tourism industry, and slaked tourists keep the industry alive. federal and Private Programs in Barbados Recently, government-regulated ventures in the nation have been turning into privatized corporations.The government of the nation is not satisfied with the high unemployment rate, so it is trying to encourage small businesses to form, and stabilize th emselves, because this should lead to the creation of jobs. But lately, across the nation sponsored programs such as offshore banking enterprises, and foreign exchange moderation by Barbados have proved to be effective ways of earning the nation capital. Most manufacturing and sugar cane production, however, is done in the private sector, and is not federally regulated.This allows small businesses and farmers to have soaked employment, and the steady production of crops allows the nation to not only export the crops, but use them itself, which decreases Barbados reliance on imports from other nations. Both Jamaica and Barbados have been able to agree themselves to some degree, economically and socially since their independences from Britain. The development of Jamaica, however, was much more typical for a West Indian nation than was the development of Barbados, because Jamaica was not able to draw foreign investors and establish particularly coordinated trade patterns handle Bar bados was.In this aspect, Barbados was much more successful than were most West Indian nations, as it was able to maintain exports even when economic times were difficult. The Jamaican economy has been experiencing more problems than that of Barbados, and inflation in Jamaica is causing good problems. Barbados, however, unlike most Caribbean nations, has been able to rebound, and it has a very high rate of tourism, which provides the nation with a steady rate of foreign income.