How Caricom’s sloth averted disaster
Caricom’s dilatoriness and implementation deficits (well documented by Prof Norman Girvan) have dramatized grave impediments standing in the way of forging a single market and economy. There is, however, one recent instance, where its sloth, unintendedly, averted a disaster of huge proportions.
Readers would recall the shattering financial contagion in the region at the eruption of the global financial crisis and credit crunch in the last quarter of 2007. This led to the later collapse of the Trinidad and Tobago-based CLICO group and the unravelling of the Ponzi scheme operated by the Antigua and Barbuda-based Stanford group. These groups held billions …..To continue reading, login or subscribe now.