The paper argues that contemporary Caribbean economic policy agenda is driven by a quest to liberalize the economic realm and minimize the role of a developmental state. In particular, the agenda of financial liberalization – which holds that minimizing the role of the state in the financial sector is growth augmenting – is examined. The Fry (1989) financial liberalization model is augmented to demonstrate that what has actually taken place is a movement from government financial repression to private oligopoly bank stagnation. The paper also underscores that stabilization via market-based monetary policy has taken precedence over long-term production-based or industrial policy, a primary component of the Lewis legacy. However, a model which aims at unifying stabilization policies and long-term industrial strategy is presented.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
11421.
References listed on IDEAS Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
Colin Kirkpatrick & Armando Barrientos, 2004.
"The Lewis Model After 50 Years,"
Manchester School,
University of Manchester, vol. 72(6), pages 679-690, December.
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