Author Affiliation, Ana.
Department of Government
The evolution of structural adjustment and stabilisation policy in Jamaica
Social and Economic Studies
Date of Publication
Reviews the history of structural adjustment reform in Jamaica. Explains why the Jamaican economy performed poorly at a time when, Latin America and the Caribbean experienced much improved growth rate. Argues that Jamaica, far from being the early reformer portrayed elsewhere, is a late and unenthusiastic reformer whose reform process was adequate to overcome other obstacles to investment and growth. At the same time as economic reform was approaching its zenith, stabilization policy effected a contractionary stimulus on investment and output. Concludes that a combination of late implementation of economic reform, reversals, and contradictions of the stabilization policy, along with low levels of public investment in the economic and social infrastructure, ensured that no growth or employment benefits followed from economic reform in Jamaica.....