Natural resources and small island economies:Mauritius and Trinidad and Tobago

Auty, Richard Michael (2017) Natural resources and small island economies:Mauritius and Trinidad and Tobago. Journal of Development Studies, 53 (2). pp. 264-277. ISSN 0022-0388

[img]
Preview
PDF (JDS_SIDS1.4)
JDS_SIDS1.4.pdf - Accepted Version
Available under License Creative Commons Attribution-NonCommercial.

Download (776kB)

Abstract

Historically, small economies, especially resource-rich ones, underperformed on average relative to their larger counterparts. Small island economies appear still more disadvantaged due to remoteness from both markets and agglomeration economies. Yet a comparison of two small island economies with similar initial conditions other than their mineral endowment suggests that policy outweighs size, isolation and resource endowment in determining economic performance. Resource-poor Mauritius adopted an unfashionable policy of export manufacturing that systematically eliminated surplus labour, which drove economic diversification that sustained rapid GDP growth and political maturation. Like most resource-rich economies, Trinidad and Tobago pursued policies that absorbed rent too rapidly, which impeded diversification and created an illusory prosperity vulnerable to collapse.

Item Type:
Journal Article
Journal or Publication Title:
Journal of Development Studies
Additional Information:
This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Development Studies on 21/04/2016, available online: http://www.tandfonline.com/10.1080/00220388.2016.1160063
Uncontrolled Keywords:
/dk/atira/pure/subjectarea/asjc/3300/3303
Subjects:
ID Code:
79456
Deposited By:
Deposited On:
27 May 2016 15:32
Refereed?:
Yes
Published?:
Published
Last Modified:
05 Apr 2020 03:58