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.
Table of Contents
CHAPTER 1 OVERVIEW CHAPTER 2 BACKGROUND OF THE JAMAICAN ECONOMIC CRISIS: FACTORS LEADING TO THE DETERIORATION OF THE BALANCE OF PAYMENTS CURRENT ACCOUNT, CHAPTER 3 ECONOMIC MANAGEMENT AND THE IMF IN JAMAICA 1972-80 CHAPTER 4 MACROECONOMIC CONSEQUENCES OF THE SIZE OF THIRD WORLD NATIONS: WITH SPECIAL REFERENCE TO JAMAICA CHAPTER 5 TYPOLOGIES OF DEVELOPING COUNTRIES: ORIGINS OF JAMAICA'S ECONOMIC DECLINE CHAPTER 6 THE POLITICAL ECONOMY OF DISEQUILIBRIUM CHAPTER 7 A MODEL OF STABILIZATION WITH GROWTH IN JAMAICA. CHAPTER 8 ANALYSIS OF THE STRUCTURAL ADJUSTMENT PROGRAM. CHAPTER 9 IMPLICATIONS OF THE U.S. CARIBBEAN BASIN INITIATIVE FOR JAMAICA
Robert E. Looney <I>is </I>associate professor of national security affairs at the U.S. Naval Postgraduate School, Monterey, California. He is the author of numerous books, including Economic Policymaking.