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Creative industries in the Caribbean: a new road for diversification and export growth

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  • Hendrickson, Michael
  • Lugay, Beverly
  • Mulder, Nanno
  • Alvarez, Mariano
  • Pérez Caldentey, Esteban

Abstract

Creative industries have become a new engine of growth and development in the world economy. This dynamic sector, which ranges from traditional arts to multimedia, has been an important driver of innovation and productivity growth. The present study argues that the creative industries can become a pillar for economic diversification and export growth in the Caribbean. The study adds to the developing literature on the creative sector by evaluating export performance in the context of constraints as well as opportunities. The Caribbean creative sector possesses a number of advantages that are recommendation for development. The creative industries allow the leverage of the abundant talent and skill of Caribbean people and domestic capital to produce competitive products and services. In addition, the sector is comparatively labour intensive and can, therefore, help to alleviate the chronic unemployment problem in the Caribbean. Nevertheless, the study indicates that Caribbean countries have been underperforming in most segments of the creative industries, even when benchmarked against other developing countries of similar size and level of development. This is reflected in small and stagnant market shares, both in regional and international trade, in most segments of the sector. Weak trade performance is determined by a number of binding constraints faced by the creative industries.

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  • Hendrickson, Michael & Lugay, Beverly & Mulder, Nanno & Alvarez, Mariano & Pérez Caldentey, Esteban, 2012. "Creative industries in the Caribbean: a new road for diversification and export growth," Studies and Perspectives – ECLAC Subregional Headquarters for The Caribbean 5049, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL).
    • Handle: RePEc:ecr:col033:5049
    Note: Includes bibliography
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    3. Jason Potts & Stuart Cunningham & John Hartley & Paul Ormerod, 2008. "Social network markets: a new definition of the creative industries," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 32(3), pages 167-185, September.
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