Structural Adjustment in the Caribbean

Paper Summary:

The paper examines structural adjustment as applied to the Caribbean and specifically to Jamaica. It shows how structural adjustment polices created severe strain on the Jamaican economy during the fifteen years of their implementation and operationalization. In particular, it evaluates the implications on levels of poverty and the negative social effects, such as increased unemployment, fall in real wages, income, investment and social standards which came about as a direct result of the implementation.

From the Paper:

"The problem of poverty cannot be explained using the simple argument of failed public sector enterprises or balance of payment crises. Rather, believe it or not, transactions between the IMF, World Bank and Jamaica created dependency relations, which further depleted economic, social and infra-structural resources in the economy. Hence, poverty increased because these multilateral agencies carried conditionalities for repayment of loans."

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