Economic

Perspective

Done

by: Henry Gordon, Yaseni Williams, Diamond

Martinez
An economic perspective
is when an issue is
considered focusing on
how it is affected by the
economy or by
considering its impact on
the economy.
INDUSTRIALIZATION BY
INVITATION
 Sir Williams Arthur Lewis was born in St.Lucia in
1915 of Antiguan parents and became a
distinguished economist, lecturing at universities
internationally and spearheading economic
reforms in developing countries.

 He also became vice-chancellor of the UWI and

was instrumental in establishing the Caribbean
Development Bank in Barbados.
He was knighted in 1963 and awarded the
Nobel Prize in 1979, commemorated in a
statue for all his work done.
Sir William Arthur Lewis was the one who
proposed a strategy to invite foreign
investment as a measure to stimulate growth,
not only in industry but also in agriculture,
and therefore reduce the dependency on the
export sector.
NEGATIVE EFFECTS OF
INDUSTRIALIZATION
 Industrialization contributes to pollution,
increased greenhouse gas emission, and
global warming.
ADVANTAGES OF
INDUSTRIALIZATION
 The growth of industries increase the scale
of production of goods which makes it
available to consumer at cheaper rates.
 Saving of time and labor.
 The customers have a wide variety of
choices to buy from.
 Creates job opportunities and removes
poverty to a great extent.
DISADVANTAGE OF
INDUSTRIALIZATION
 Child labor may occur.
 Automation
 Depletion of natural resources.
 May cause health diseases such as
Mesothelioma.
DEPENDENCY THEORISTS
 This is the notion that resources flow from a
“periphery” of poor and underdeveloped
states, enriching the latter at the expense of
the former.
 It was developed in the late 1950s under the
guidance of the Director of the United
Nations Economic Commission for Latin
America, Raul Prebisch.
RAUL PREBISCH
This theory also focuses on individual
nations, their role as suppliers of raw
materials, cheap labor, and markets
for expensive manufactured goods
from industrialized countries.
MARXISM
 It is basically a political theory that analyzes
how social classes, money and means of
production affects the Caribbean society.

 There are many people in the Caribbean

region who follows the teaching of Karl Marx.

 This theory is adopted by novelist, economist

and Pan-Africanism because they see it as a
contribution to the debate of development.
KARL MARX

 Marx criticized capitalism but viewed as vital

stage for human kind to grow, better understand
oppression, and realize the necessity of building a
society based on communal values.
NEO-MARXISM
 Marxist thinkers who greatly elaborated the
superstructure in influencing social life are
called Neo-Marxists.
 This is an offshoot of Marxism, in which it is
believed that all societal ills come from the
divide between the rich( who are claimed to
be undeserving of their wealth) and the poor
( who are claimed to be oppressed).
Marxists believe that all personal
failing are of a direct result of
someone else oppressing you, and
another person cannot be
successful without oppressing
another.