(6)[c.] Identify and elaborate on the main elements of Economic Liberalization and discuss, with the use of examples and evidence, whether you think economic liberalization has been suitable and successful in the Caribbean Region.
What is Economic Liberalization?
Economic Liberalization is a very broad term that usually refers to fewer government regulations and restrictions in the economy, in exchange for greater participation of private entities.
Thus, liberalisation in short, refers to "the removal of controls", to encourage economic development.
Forms of Economic Liberalization: Liberalization policies include partial or full privatisation of …show more content…
Barbados and Privatisation
While doing research for this presentation, I came across an article from the Barbados Advocate written by M. Savory on the 18th of November 2012 entitled, “Privatization a retrograde step.”
It stated, “Anyone who can think of privatizing all of these state agencies at this time of our history cannot have Barbadians at heart. This is a policy straight from the IMF. Barbadians in the lower income bracket must understand that privatization will cause an increase in the cost of living. For example, if water is privatized the cost of water will go up.”
“Most of us can live without a telephone, without electricity, without a television and many of the things that we have grown accustomed to.
However, nobody can live without water for a very long time. The rich people will not be affected very much, but the poor people are the ones who will suffer most; the old age pensioner and all of us who are among those workers in the lower income bracket. To attempt to privatize water is to strike at the nerve centre of the nation.”
This goes to show that although privatization may be a good thing to some extent, in that individuals are getting services of a higher standard or quality because these services may be of an International standard, the average income brackets and the poor would not be able to keep up with this as the cost of these services are indeed high, and hence there is an increase in the cost of