This work analyzes recent economic performance in the
Commonwealth Caribbean by examining the IMF/World Bank Structural
Adjustment Package and its relation to the deteriorating economic
and social conditions in this part of the world. Ramesh F. Ramsaran
not only takes a critical look at structural adjustment as it has
been applied in the Caribbean but also examines recent structural
adjustment theory in general and some of its contradictions in
practice.
Ramsaran argues that if structural adjustment programs are to be
effective with minimum social cost, their design must take into
account the specific conditions of individual countries. This
argument against the general application of policies and principles
remains firm, despite the fact that international aid agencies in
the 1980s did find general guidelines useful in particular
situations. His analysis will be of interest to scholars and
policy-makers in international and development economics and
international finance and trade.
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