New Regionalism In Caribbean Integration

Economic integration in the Caribbean region aims at overcoming shortcomings of its narrow internal market and of excessive dependence on developed countries. With the development of globalization and the momentum of free trade in the western hemisphere, the theories and strategies of Caribbean integration are also changing and amending.Although neofunctionlism, neoinstitutionalism and neorealism thrived in order to interpret the unification of Europe, the study of the history and reality of Caribbean integration indicates the importance of exploring a new way to integration in the region. This thesis stresses that the region has to be understand that regional integration should be considered as one of the strategies devised for achieving economic growth. It is not an end in itself or the ultimate answer to development problem to be relied on entirely on its own. It is a means to regional development which would have been less effectively pursued on a national level and in all instances the contribution it can make ultimately to development will depend on policies pursued on the national level to influence changes beyond the effects of regional integration.By evaluating the history and reality of the region's integration processes, I am able to present the general characteristics of new regionalism in the Caribbean as follows: striving for the freeing and harmonization of investment systems; furthering structural adjustment programs and maintaining consistency with major global practices; boosting free trade of commodities and services throughout the region; promoting competition in the transportation and telecommunication sectors; improving the level of integration of macroeconomic policies; promoting persistent institutional reforms so as to meet the challenges of integration into the western hemisphere; preparing for effective involvement in trade negotiations and strengthening the ability to carry out the final protocols of integration.With the parallel development in globalization of world economy and regional economic integration, Caribbean economic integration is developing a trend of "deepening" approach. Over the more than four decades of integration experience, the Caribbean region has witnessed a series of important achievements: firstly, integration accelerated the development of intra-regional trade thus gradually reducing (though slightly) Caribbean countries dependency on the markets of developed western...