Book Description

This book analyzes the main causes of deterioration in the Jamaican economy since 1972 and assesses the prospects for returning to a period of stable growth under an International Monetary Fund Stabilization program. Considering both the role of international economic conditions and domestic policies on Jamaica's economic decline, Dr. Looney compares the viability of the socialist model of development, implemented between 1972 and 1980, with that of the U.S.-sponsored supply side model. He raises important questions about the ability of small open economies to sustain acceptable rates of growth in the existing world economic environment, the effectiveness of IMF Stabilization programs on these economies, the possible impact of supply side development strategies, and the significance of Caribbean Basin Initiative policies for growth and stability in the area.