Brad asked in Social ScienceEconomics · 1 decade ago

Why is the Jamaican economy in such bad shape?

question says it all

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  • 1 decade ago
    Favorite Answer

    Start here:

    http://w4.stern.nyu.edu/aboutstern/publications/Ta...

    Nothing simple:

    (1) It relies on U.S. tourism. When the U.S. economy sneezes, Jamaica catches a cold.

    (2) The U.S. subsidizes its agriculture. Jamaican farmers (and other Caribbean farmers) just can't compete against the subsidies.

    http://www.acs-aec.org/column/index36.htm

    (3) The U.S has trade restrictions on sugar.

    http://www.fff.org/freedom/0498d.asp

    Sugar is Jamaica's biggest crop:

    https://www.cia.gov/library/publications/the-world...

    (4) Many of the more educated and wealthier Jamaicans leave the country for the U.S. and Great Britain

    http://en.wikipedia.org/wiki/Jamaican_diaspora

    http://www.state.gov/r/pa/ei/bgn/2032.htm

    (The really poor can't afford to leave.)

    (5) The U.S. is deporting criminals to the Caribbean, exacerbating crime

    http://www.google.com/hostednews/ap/article/ALeqM5...

    (6) The two main Jamaican political parties cooperate even less well than do the Democrats and the Republicans in the U.S.

    http://www.nationsencyclopedia.com/economies/Ameri...

    which makes improving things hard.

    It all adds up into a vicious circle.

  • ?
    Lv 7
    1 decade ago

    Corruption is only part of the answer - a largely illiterate populace, a limited supply of natural resources, and a dearth of industrial development. That lack of industry is largely due to the lack of skilled workers on the island...which is due to seriously limited opportunity to learn the kind of skills needed to work in industry...it's a vicious cycle and will not be broken until businesses and nations choose to work together to invest in Jamaica and help lift up the nation out of Third World status. The UN, among others, has been urging the developed nations to put more into such efforts, but you can obviously see how far there is to go. Got any ideas?

  • Anonymous
    1 decade ago

    The Government....Corrupted people inside the government.

  • 1 decade ago

    Smoking too many blunts.

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  • Anonymous
    1 decade ago

    Coloured people.Same as Africa...all a shambles.

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