International Journal of Law and Legal Studies

International Journal of Law and Legal Studies ISSN 2463-5634 Vol. 7 (5), pp. 001-014, May, 2019. © International Scholars Journals

Review

Framing the Bahamian developmental state: An alternative policy package to neoliberal failure

Nikolaos Karagiannis* and Zagros Madjd-Sadjadi

School of Business and Economics, R. J. Reynolds Center, Winston-Salem State University 601 Martin Luther King Jr. Drive, Winston-Salem, North Carolina 27110, USA.

Accessed 19 January, 2019

Abstract

This paper examines the possibility of a proactive role for the Bahamian state in support of the country’s national development: A case of a small open economy with a colonial past in a globalised economy. The first part provides a critical evaluation of the Bahamian economic development and trade during the last four decades. The discussion in this section relies mainly on the performance of the merchandise (visible) trade of the economies of the Caribbean and the Bahamas. Consequently, the policy focus in the subsequent sections is on the significant expansion of local commodity production in The Bahamas. The second section seeks to chart a Bahamian Developmental State framework while discussing the mutual benefits between tourism and agro-industrial development on the grounds of local production growth, endogenous competency and overall competitiveness. The final part identifies key strategic requirements and offers alternative policy considerations based on the developmental state line of argument.

Key words: Strategic intervention, industrial targeting, endogenous competency, competitiveness, the Bahamas.