Polyracial Neoliberalism

Abstract

This chapter provides a synthesis of historical and contemporary racial logics in the Caribbean region. The global financial crisis has hit the Caribbean extremely hard due to its economic vulnerability, resulting from a recent history of stagnation with high unemployment, low growth and substantial debt. Patterns of inequality exacerbated the impact of this crisis on the poor — for example, the Jamaican poverty rate has doubled to 17.5% over the last six years (Lagarde, 2014). The higher frequency of natural disasters in the region also creates systemic vulnerability. Tourism-dependant economies have been highly vulnerable to deteriorating economic conditions, less so in natural resource-based economies such as Trinidad and Tobago. Conversely, the Caribbean is an important world location for the creation of wealth. The Commonwealth of the Bahamas, for example, is one of the largest financial centres in the world, with one of the jurisdiction’s most notable attributes being the complete absence of income tax. The Cayman Islands are also one of the world’s foremost offshore financial centres where there are no taxes on personal or corporate income, capital gains, inheritances or gifts. The World Bank, the IMF, the Organisation of Eastern Caribbean States and CARICOM are actively working towards greater economic union and integration across Caribbean states.