Introduction
The purpose of this work is to identify the market failures of the Jamaican economy in addition to its contribution to the country’s current economic state. According to (Arnold, 2011) Market failure occurs when a production of a specific product is less than optimal (Microeconomics, 2011, p. 365). A look into how Jamaica’s supply and demand, market structure, and market variables will reveal some of the causes contributing to the country’s current economic condition. Jamaica is an island among thousands throughout the known Caribbean region. The island is the third largest in the Caribbean. According to (Mtholyoke.edu, 2014) the country was first inhabited by Arawak Indians whom were annihilated through violence and decease
Eventually, the island was besieged and taken over by the British Empire in 1655 who in turn harvested the island’s resources through slavery. Slavery was eventually abolished in 1834 leaving the island with two hundred and fifty thousand African descendent (Mtholyoke, 2014). In 1962 the Jamaican people gained their independence from Great Britain and began a path towards economic prosperity. After gaining their independence in 1962; the Jamaican economies quickly transformed into a paradoxical state of which appeared to have no escape. The country’s market failures were and still remain a result of failed rules, policies, regulations, and greed that is subjecting the country’s economy to what seems to be an uncontrollable down spiral. The Jamaican economy is caught in an economic cycle of haphazard policies by a debase government determined to validate and obscure their exploitation of power for their own gain and the only way to economic prosperity is economic
Even though the global recession was impactful, tourism has sustained growth by at minimum 4% annually; tourism accounts for 25 percent of Jamaican employment and is 10% of the GDP (Jamaica-travel-secrets.com, 2014). Foreign tourist patrons however are threatening the Jamaican ecosystem with its income dependent activities such as pollution, tailored division of labor, and costal development. These environmental conditions will eventually take a negative sway in the tourism industry because travelers will no longer desire a destination with high pollution or they will be compelled to pay even less to come to the country which ultimately will affect the Jamaican economy
Jamaica is home of the phrase “be happy, don’t worry,” and is a popular tourist spot that foreigners escape to for a temporary slice of paradise. Given the success of the tourist industry, it is easy to mistake Jamaica as a thriving country with the locals living blissfully in paradise; the clip from “Life and Debt” completely dispels these notions and introduces the negative effects that have developed from free trade policies that were recommended by the International Monetary Fund. International Monetary Fund representatives in the clip present globalization and free trade as a form of economic liberation that would bring Jamaica economic success despite its small size. An IMF representative in the clip states that, “Jamaica is a very small
The history of Jamaica is extremely jaded with disease, buccaneering, and slavery. First discovered by Europeans in 1494, Columbus stopped on Jamaica on his second trip to the “New World” and encountered the indigenous Arawaks (Encyclopedia Americana, 2001, P 672). Later colonized by Spain in 1509, the land was abandoned when the lack of abundance of silver and gold was discovered. The indigenous Arawaks were overwhelmed with European disease and died out (Encyclopedia Americana, 2001, 672). These times will be some of the most peaceful times in Jamaican history. Buccaneers used Jamaica as a trade center for booty seized from different galleons. Soon following, England will seize as much of Spain’s Caribbean land as possible.
The British found Jamaica to be much more profitable than the Spanish had. It eventually became one of the most lucrative colonies in the British empire due to its dominance in sugar exports: from the mid 1700’s until the close of the slave trade in Jamaica in the 1830’s, Jamaica accounted for 42 percent of sugar imported into Britain (Burnard and Morgan 3). Unfortunately, these benefits for the British empire came at a significant cost to the hundreds of thousands of Africans who became unwillingly caught up in the trade triangle between England, Africa and the Caribbean. In their essay "The Dynamics of the Slave Market and Slave Purchasing Patterns in Jamaica, 1655-1788," Trevor Burnard and Kenneth Morgan say: "Jamaica had the largest demand for slaves of any British colony in the Americas" (2). By the end of the eighteenth century there were more than 300, 000 slaves in Jamaica; and the fact that the slaves outnumbered the plantation owners was unsettling for many of the wealthy, white inhabitants of the island. The political system basically consisted of a governor who represented the Crown and the Assembly of Planters, who both were against the slaves.
“Jamaica’s a country of great dichotomy. On the one hand you have a tourist industry with great beaches and resorts, but on the other you have such great poverty and the violence that goes along with that.”(Michael Franti) In this paper, I will talk about the geography, the history of Jamaica, the people that live there now and that lived there in the past, the lifestyle of the society, and the society, like the government and economy.
In the 1970s, the country’s former prime minister signed a loan agreement which ultimately led Jamaica to over four billion dollars in debt to the World Bank and IMF. This ultimately caused a sinking economy of low valued imports and sweatshops are destroying local businesses and agriculture. In the video, we see workers who are working gruesome six-day-a-week work schedules to receive the legal minimum wage of only $30 in US money for the entire week. Many women have protested against the poor compensation, and have been fired from their jobs; being placed on a blacklist preventing them from ever getting work again. The country’s ports are lined with the factories of high profile companies, ...
Burnard, T & Morgan, K. (2001) The dynamics of the slave market and slave purchasing patterns in Jamaica, 1655-1788. William and Mary Quarterly 58; 1: npa.
A way to measure a country’s economy is to look at its gross domestic products. This tells the total value of the goods and services that a country produces. In Jamaica, the economy has always been the main problem for the people. It is based primarily on agriculture, tourism, and bauxite mining. The country is very dependent upon tourism, its main source of foreign exchange. Bauxite mining is the principal source of revenue for the country. Most people do not have the opportunity to go to school and also there are not enough jobs for everybody. On the contrary, the United States is wealthiest in terms of economy. They have abundant natural resources, a well-developed infrastructure, and high productivity. Moreover, people have more chances of going to school, and there are more job opportunities for those who graduate as
Jamaica's government is based on the British model of democracy. Even though Jamaica is independent place, it’s part of the commonwealth of Nations and saw Queen Elizabeth II of the United Kingdom as its head of state. She is represented in Jamaica by a governor-general. The governor-general names the leader of the majority party as prime minister, who is the head of government. Representatives are elected by popular vote to serve five-year terms. Elections must be held around every five years. Arawak Indians lived in Jamaica when the explorer Christopher Columbus got there in 1494 and claimed the island for Spain. The Spaniards enslaved the Arawak and later brought Africans to the island as slaves. Disease killed almost all the Arawak. British invaded Jamaica in 1655, and they gained possession in 1670. They continued to fight African slaves called Maroons, who had escaped into the hills when the British arrived. The British and the Maroons signed a peace treaty in 1738. Fun Fact: Jamaica’s agricultural products are sugar, bananas, coffee, coconut, cocoa, citrus, pimento,
This topic was selected to widen the researchers understanding of the real reason slavery was abolished in the British West Indies as well as why sources have differing opinions.
Once the British gained control of the island, development was swift. The industries of sugar cane and other agricultural resources were increased, thus creating a larger demand for African slaves. Due to this explosion of growth in the late 17th century, Jamaica became one of the largest slave trading centers in the world. The slave trade was conducted out of the city of Port Royal, made famous for being a hideout of the pirate Blackbeard, until the city was destroyed by an earthquake in 1692. The destruction of Port Royal led to th...
The political and economic history of Jamaica is based upon its foundation as a slave colony. From the beginning, the colony was under Spanish rule that relied upon native slave laboring in the sugar fields. The first law to be implemented upon the island under Spanish rule was the Repartimiento, introduced by Governor Esquivel, the first governor of Jamaica. The law enabled colonists to apply for and receive special permission to use the natives for a period of time; forcing them into labors such as planting and logging (Bennett 70). Francisco de Garay, who became governor in 1514, enacted an other set of regulations called the Requermiento (The Requirement) (Bennett 70). This system was implemented with the basis that the colonists had to convert the natives to Christianity; Garay was hopeful that in doing so, the natives would “be tractable, properly maintained and live and greatly multiply” (Sherlock 70).
Colonialism in Jamaica established a lasting social and economic hierarchy that benefited the white minority at the expense of the black majority. The colonization of Jamaica began with the Spanish occupation of the island in the early 1500’s. The Spanish set up small-scale plantations on the island, while focusing on piracy as the key to profit. The Spanish effectively committed genocide upon the native Arawak population by the time English gunboats won the rule of Jamaica from the Spanish armada in 1655. The British immediately increased the slave trade in order to establish a thriving plantation economy (Lake, p.
The beautiful, radiant and vibrant island that goes by the name of Jamaica is located on the Windward region of the Caribbean. It is one of the best place to be on earth. Our motto “Out of Many One People”, symbolizes the vast cultures and races that make up this beautiful island. Jamaica the land I love, lives on in each individual and leaves a positive impact even with just one visit or no visit at all. In this essay I will elaborate on the various cultures that build up the island, the different attractions the country has to offer and an overview of the unique lifestyle of Jamaicans.
Pattullo report gives a first-hand account as to who controls each segment of the tourism industry; the tour operations, the large hotel chains, and the airline companies. The Caribbean’s economy depends on an industry that is mostly foreign-owned and controlled and the people who live there do not have an opportunity of owning or investing in it. In Pattullo’s report, it reveals that the large travel industry corporations are the ones who have most of the control. But those corporations are not located there. Her report exposes that the true benefiters of tourism in the Caribbean are foreign-owned investors and corporations.
Jamaica, meaning “Land of Wood and Water” is the third largest island with 10,991 square kilometers located in the Caribbean south of Cuba and west of Haiti. It has many rivers and beaches. Mountains are also a major portion of Jamaica’s landscape. The Population of Jamaica is 2.7 million in 2010 (PAHO, 2012). Jamaica’s climate is tropical with temperatures of 72 to 93 degrees Fahrenheit (CON, 2013). Tainos, also referred to as Arawaks are the first people known to settle in Jamaica. Ethnicity of Jamaica is very diverse. Beliefs and customs in Jamaica are also very diverse with the majority of the population coming from many different countries bringing beliefs, and customs with them. The main Language is English. Government in Jamaica is a parliamentary democracy and is considered an upper middle-income country with a population of 2,769 (WHO, 2014). The health system in Jamaica is overseen by the Ministry of Health, a branch of the Jamaican government. Jamaica has made major strides in improving their economic and health in a relatively short period of time since only becoming an independent country in the year 1962.