A CARIBBEAN PERSPECTIVE ON REGIONALISM: WHAT ROLE FOR CELAC?

Resumen

CARICOM and the concept of Developmental Regionalism
So, what is developmental regionalism and what is the relevance of this concept to the
territories of the Caribbean Community? CARICOM is made up for the most part of
small developing economies and societies. In addition to their history, an assorted set
of vulnerabilities has determined where they are located within the global political
economy. Approximately 75% of the membership consists of Small Island Developing
States (SIDs). With the exception of Haiti, they all have populations of three million or
considerably less. Although Haiti has a population of eight million, it is classified as a
highly vulnerable Least Developed Country. CARICOM economies have very small
domestic markets, narrow production bases and limited possibilities for creating
economies of scale. They have open economies with high international trade to GDP
ratios. Most economies are now heavily oriented towards tourism and financial
services. Most have limited land space, a restricted range of natural resources and
limited institutional capacity. There are high levels of asymmetry within the group, with
Trinidad and Tobago and the Bahamas at the high end of the GDP per capita scale
and Haiti at the other end. Most states are very vulnerable to economic or ecological
shock and many are categorized as highly indebted, middle income developing
countries. (IMF, 2013)