Economic Development Strategies in the Dominican Republic

Abstract

This chapter analyses the Dominican Republic's successful economic development experience in the second half of the twentieth century and the beginning of the new millennium. It highlights the implementation of a multifaceted development strategy consisting of three main pillars. The first pillar involved building a diversified economic base to provide the foundation for smoothing aggregate income and for withstanding the normal fluctuations of the world economy. The second pillar involved developing special economic zones (parallel economies) that protected the new industries that comprised the more diversified economic base. The third pillar was openness to globalization.

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