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    Rights statement: This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Development Studies on 21/04/2016, available online: http://www.tandfonline.com/10.1080/00220388.2016.1160063

    Accepted author manuscript, 758 KB, PDF document

    Available under license: CC BY-NC: Creative Commons Attribution-NonCommercial 4.0 International License

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Natural resources and small island economies: Mauritius and Trinidad and Tobago

Research output: Contribution to Journal/MagazineJournal articlepeer-review

Published
<mark>Journal publication date</mark>1/02/2017
<mark>Journal</mark>Journal of Development Studies
Issue number2
Volume53
Number of pages14
Pages (from-to)264-277
Publication StatusPublished
Early online date21/04/16
<mark>Original language</mark>English

Abstract

Historically, small economies, especially resource-rich ones, underperformed on average relative to their larger counterparts. Small island economies appear still more disadvantaged due to remoteness from both markets and agglomeration economies. Yet a comparison of two small island economies with similar initial conditions other than their mineral endowment suggests that policy outweighs size, isolation and resource endowment in determining economic performance. Resource-poor Mauritius adopted an unfashionable policy of export manufacturing that systematically eliminated surplus labour, which drove economic diversification that sustained rapid GDP growth and political maturation. Like most resource-rich economies, Trinidad and Tobago pursued policies that absorbed rent too rapidly, which impeded diversification and created an illusory prosperity vulnerable to collapse.

Bibliographic note

This is an Accepted Manuscript of an article published by Taylor & Francis in Journal of Development Studies on 21/04/2016, available online: http://www.tandfonline.com/10.1080/00220388.2016.1160063