Adjustment And Integration In Small Emerging Economies (Final Report)

CARICOM economies are both small and underdeveloped. To separate out the effects of underdevelopment is difficult because institutional dimensions--history and politics, theories and ideologies, social stratification, agriculture and industry, population developments, health and education and so on--which are working parts of economic systems--are not replicable.

It is possible, however, to overcome the effects of underdevelopment by very high rates of capital accumulation (both human and physical) as Singapore has done, Luxembourg with a population of about 400,000 has a per capita income of about U.S. $37,000 which is higher than that of the U.S.A. while Singapore, with about 3 million people has a per capita income of around U.S. $20,000.