Trinidad, West Indies The Possibility of Developing a Sustainable Developing Economy in Trinidad and (original) (raw)
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This paper seeks to determine the role that Endogenous development in different sectors will play in moving the Trinidad and Tobago economy into the future, while allowing us to interact meaningfully within the new world economy. We will focus on Endogenous Growth Theory, and evaluate how it can assist in developing a framework for the much needed policies in critical developmental areas for sustainable development to be a reality.
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This paper uses the model of the new growth theory to evaluate whether or not Trinidad and Tobago can develop a sustainable path of development in the non lead to increased trade with the rest of the world. It is proposed that Trinidad and Tobago's manufacturing sectors may be able to flourish in the global economy if it is able to make use of the technology presently available globally, as well as create and sustain some degree of knowledge creation. A review of the literature shows that developing countries like Trinidad and Tobago can exist and participate in the global economic arena, if they adopt the philosophies and practices that have been advanced by the new growth theories, specifically the endogenous growth theory. This paper postulates that economic growth can be attained if there is sufficient levels of research and development (R&D) applied to the productive process, and this needs to be expressed not only at the level of the firm, but throughout the economy as a whole.
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Even as Trinidad and Tobago seeks productive diversification away from the energy sector, the process underlying the country's productive development policies (PDP) is in a state of transition from state-directed industrial policy to a newer approach with extensive private-public participation. This study explores the main characteristics of four PDPs in Trinidad and Tobago and reviews them following the related literature (e.g., . The four PDPs are: a) The process towards the Promotion of Clusters; b) the PDPs for the Tourism industry; c) the classical PDPs for Micro, Small and Medium Enterprises and; d) the Free Trade Zone as a policy designed to compensate for the failure of the State.
This paper uses the model of the new growth theory to evaluate whether or not Trinidad and Tobago can develop a sustainable path of development in the non lead to increased trade with the rest of the world. It is proposed that Trinidad and Tobago's manufacturing sectors may be able to flourish in the global economy if it is able to make use of the technology presently available globally, as well as create and sustain some degree of knowledge creation. A review of the literature shows that developing countries like Trinidad and Tobago can exist and participate in the global economic arena, if they adopt the philosophies and practices that have been advanced by the new growth theories, specifically the endogenous growth theory. This paper postulates that economic growth can be attained if there is sufficient levels of research and development (R&D) applied to the productive process, and this needs to be expressed not only at the level of the firm, but throughout the economy as a whole.
Performance Indicators for Achieving Sustainable Development In Trinidad and Tobago
AMCHAMTT Linkage, 2014
If we begin to examine Trinidad and Tobago’s energy intensity, then we will truly begin to understand how well we use our resources to achieve economic benefits while minimising environmental impact and creating social benefits for all. That is to say, we can then better understand our success or failure at achieving true “sustainable development”. The latest information available as published by the U.S. Energy Information Administration (USEIA) in its International Energy Statistics, 2014 ranks Trinidad and Tobago as the second highest energy intensive nation in the world, based on available data for 90 countries. It is noteworthy that the GORTT’s National Performance Framework 2012-2015, which establishes the performance indicators for achieving “sustainable development”, makes no mention of energy intensity.Trinidad and Tobago must find ways to accurately monitor and reduce its energy intensity as a first step along the path to sustainable economic development, that being economic prosperity while minimising risk and impact to our environment and generating social benefits for all.
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