Politics
Caribbean needs to head towards a new development trajectory
The impetus for such learning and hopeful transition seems to be absent or fragmented. There is thus a need to draw upon these various experiences as inputs in formulating a new paradigm. For the private sector, the situation is indeed very complex and dire, as historical regimes tend to create path dependencies, resulting in inflexible structures and risk aversion.
Existing economic structures produce particular opportunities for investment given globally integrated supply chains, over which small developing countries have little control. East Asian countries have however shown over time that they can break away from these rigid structures and become global players through effective learning mechanisms and economic strategies.
Thus, all is not lost. These complexities demonstrate that adopting a learning approach through understanding historical constraints, tapping into resources, forging appropriate partnerships, and incrementally creating advantages based upon existing technologies and niche product markets can be a game changer for the region.
Simply employing emerging technology without the required human capital and systems that support such technologies would not bring about desired results. To build capacities requires time, effort, understanding and investment. Indeed, investment is crucial to acquire technologies and develop human capital in order to innovate. In the present economic circumstances, regional states may not have access to customized financial instruments for innovation projects.
Additionally, the markets for innovative products and services from the Caribbean need to be identified, if not created. On both these fronts, brokering partnerships with Caribbean expatriates who own and operate firms, consultancies and who belong to business associations abroad can help boost productive capacity. Gaining relevant market intelligence, serving as intermediaries to penetrate new markets and sources of risk capital and knowledge to diversify product/service offerings are some benefits.
In the final analysis, putting the Caribbean on a new growth trajectory requires optimizing these important assets, a focus on learning, and releasing unproductive hang-ups. It would seem that many in the region are averse to facing difficult historical lessons. It is an essential first step. Through learning, we can effectively determine which resources need to be leveraged, how to create new opportunities, how to engage within the dynamic global environment and foster meaningful partnerships to ensure the region’s future growth and sustainability.
Copyright Caribbean360 2014
