ABSTRACT
The distinguishing feature of small island economies is their relative powerlessness in the global marketplace. They are so-called price takers and simulate the behavior of the atomistic firm in the classical economist’s theoretical model of perfect competition. Their small size at the macro-social scale suggests that they are ipso facto vulnerable to policy initiatives originating in core economies. This is graphically illustrated by the profound impact which European imperialism, the first wave of globalization, had on the insular Caribbean in the post-Columbian era (Richardson, 1992). These external imprints include the stamp of dependent export monoculture on island economy, that is, a high volume, low value added produc-
tion structure geared to foreign demand in the global network of center periphery trade. In addition, monoculture has had damaging effects on insular ecology and biodiversity, and its demand for cheap slave labor resulted in the creation of multiethnic societies of transplanted peoples. Unable to sustain population growth, the post-emancipation period saw widespread livelihood mobility/migration that has continued through the twentieth century. Since the 1950s the islands of the region have struggled to reduce dependence and achieve political and economic autonomy.
