Economic Liberalisation Essay - 984 Words

Kimlyn Crystal Boodram ECON 2020 – Caribbean Economy Economic Liberalization: (6)[c.] Identify and elaborate on the main elements of Economic Liberalization and discuss, with the use of examples and evidence, whether you think economic liberalization has been suitable and successful in the Caribbean Region. What is Economic Liberalization? Economic Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy, in exchange for greater participation of private entities. Thus, liberalisation in short, refers to the removal of controls, to encourage economic development. Forms of Economic Liberalization: Liberalization policies include partial or full privatisation of†¦show more content†¦As we all may know, Dairy constitutes a significant part of the local diet and income. Milk remains one of the few agricultural products in which the island claims self-sufficiency. Government reduced its role in the industry during the 1990’s structural adjustment programme and a quota system took effect. Milk production fell nearly 50% between 1992 and 1993. By the end of 2010, 16 commercial dairy farmers remained in the industry – which was less than half of the 37 registered farmers in 1990. National Milk output stood below 7 million kilograms – a half of the 14 million kilograms recorded in 1991. Was Government Policy or was the WTO-entry responsible for the declines in Milk Production and the Industry’s Consolidation? Did Government Policy lead to Trade Liberalisation, thereby increasing imports and affecting domestic production? Some of the Industry’s key stakeholders believe that increased imports associated with trade liberalization are to be blamed for the current state of affairs, which are the declining milk production and fewer farms. Evidence suggests that Trade Liberalization is exerting pressure on the Local Industry. Fresh Milk and cream imports rise more than 3% after 2000 and imports of milk products that compete with locally produced ones also exhibit signs of increase. Privatisation is primarily the process of transferring ownership of a business, enterprise, agency, public service, or public propertyShow MoreRelatedImpact Of Economic Liberalisation On Livelihoods1597 Words   |  7 PagesThe Impact Of Economic Liberalisation On Livelihoods In Nigeria Economic liberalization on livelihoods in Nigeria refers to how the decrease in government control, through deregulation and lesser restrictions in the economy to promote greater participation of private entities, serves as a means of securing the basic necessities of life i.e. food, water, shelter and clothing. This is done in an effort to encourage economic development through the doctrine is associated with classical liberalism. 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