Grenada: Socioeconomic Overview, 1960–2012

Type:

Book Chapter

Author:

Kari H. I. Grenade

Published:

2015

Publisher:

University Press of Mississippi

The chapter reviews economic policy and performance during the era of the People’s Revolutionary Government (PRG). It provides an overview of the economic environment during the Gairy era to help explain some of the possible causal antecedents (from an economic perspective) of the PRG’s insurrection in October, 1979, and why they would have pursued economic development differently from Gairy. It also discusses several aspects of development planning and policy as well as the performances of the four key economic sectors (real, fiscal, monetary and external) during 1979-83. A salient finding is that notwithstanding extensive social programs, the pursuit of a mixed economy model approach to development in an inherently and deeply-entrenched capitalist economic structure mitigated against the attainment of meaningful development results. The chapter ends with a discussion of some lessons evinced from the PRG’s experience that might be relevant for contemporary economic policy and management.

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