Small Islands' Quest for Economic Development

Abstract

Using time series data, the paper analyses the economic structure of island countries. The results are illustrated using five case studies. It is demonstrated that countries pursuing strategies based on service industries or exports of light manufactures have been more successful in attaining development objectives. This success has been translated into improved welfare for the populations of these countries. In contrast, a promotion of agriculture and remittances has tended to have a negative effect on development and on levels of welfare of the relevant island countries. Development economists have been mainly preoccupied with trying to explain why large countries with abundant resources (natural, economic, human, diplomatic) nevertheless remain poor. Meanwhile, some researchers have drawn attention to how several small, island States with very limited resources are pursuing their development. It has been seen that a number of small island countries have somehow succeeded in achieving relatively high standards of living, as evidenced by relatively high average per capita incomes, sustained levels of economic growth and a high ranking on the human development index 1. Yet, it is also true that some other small island states –

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