;)
From Banana Wars To Off Shore Banking
From Banana wars to International Banking
We have transitioned predominantly from a mono cropping agricultural society to a society heavily reliant on tourism. Hopefully we will continue to explore offshore banking and explore every possible avenue to bolster the service sector. It was a difficult transition for a country that had so many families reliant on banana farming. Overseas remittances helped to sooth some of the pain and there was also a great exodus of labour. The country had to let go of the heady days of banana money and we must now focus on the future
It may be said that St Lucia has transitioned from an agricultural economy to a service based economy. Nobel laureate Sir Arthur Lewis and other noted economists hypothesized that economies transition from a predominantly agricultural based society towards more service oriented industries. The United States for example has Wall Street the epitome of a service based society.
The tourism industry is the biggest contributor to per capita GDP for St Lucia consequently the St Lucian economy is heavily service sector oriented. It is not to say that Manufacturing and Agriculture do not contribute to the economy, but the tourism industry contributes the biggest slice of the pie. It is important to recognize however that both manufacturing and agriculture are both essential contributors to the growth and stability of a vibrant economy as the saying goes you do not put all your eggs in one basket.
The Banana Industry, The Manufacturing Industry and the Service sector are three important parts of an economy. It is like the three legs of the stool which an economy stands upon. How do we revive the banana industry or should we abandon banana as a cash crop. Should we encourage manufacturing companies like the garment factories to set up shop in St Lucia? Are we fully committed to transitioning into an economy characterized by service oriented industries?
There are many topics that we can be debating and trying to find answers and solutions to. Whether we like it or not we are integrated into the global economy and we must adjust as the global economy changes.
We have transitioned predominantly from a mono cropping agricultural society to a society heavily reliant on tourism. Hopefully we will continue to explore offshore banking and explore every possible avenue to bolster the service sector. It was a difficult transition for a country that had so many families reliant on banana farming. Overseas remittances helped to sooth some of the pain and there was also a great exodus of labour. The country had to let go of the heady days of banana money and we must now focus on the future
It may be said that St Lucia has transitioned from an agricultural economy to a service based economy. Nobel laureate Sir Arthur Lewis and other noted economists hypothesized that economies transition from a predominantly agricultural based society towards more service oriented industries. The United States for example has Wall Street the epitome of a service based society.
The tourism industry is the biggest contributor to per capita GDP for St Lucia consequently the St Lucian economy is heavily service sector oriented. It is not to say that Manufacturing and Agriculture do not contribute to the economy, but the tourism industry contributes the biggest slice of the pie. It is important to recognize however that both manufacturing and agriculture are both essential contributors to the growth and stability of a vibrant economy as the saying goes you do not put all your eggs in one basket.
The Banana Industry, The Manufacturing Industry and the Service sector are three important parts of an economy. It is like the three legs of the stool which an economy stands upon. How do we revive the banana industry or should we abandon banana as a cash crop. Should we encourage manufacturing companies like the garment factories to set up shop in St Lucia? Are we fully committed to transitioning into an economy characterized by service oriented industries?
There are many topics that we can be debating and trying to find answers and solutions to. Whether we like it or not we are integrated into the global economy and we must adjust as the global economy changes.
posted by Garry at
3:17 PM
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