chapter  5
12 Pages

Political Economy of Development: The Search for New Thinking

And so, in the history of the political economy there have always had departure points and shifts in the prevailing economic paradigm putting the economy on a different path. One such departure point in the hemisphere and the Caribbean region was in the 1980s. In Trinidad and Tobago we shifted from a “commanding heights” economy to a market-driven economic process. We embraced the economic strategy of the Washington consensus and began to answer the following questions:

1. What macroeconomic measures are required to stabilize the economy? 2. How do we liberalize our markets to exploit opportunities abroad? 3. Why do we need a better relationship between the private and public sectors?