How Does the Legacy of Colonialism Contribute to Some of the Economic Essay

How Does the Legacy of Colonialism Contribute to Some of the Economic Issues Facing Caribbean Countries Today - Essay Example Colonialism can be defined as â€Å"the domination of people another country† (Osterhammel & Frisch, 1997, p15). This involves suppressing the inferior culture. These Caribbean countries include Jamaica, Haiti, Cuba, Dominican Republic, and Puerto Rico among others. Caribbean countries have common problems, which include financial stress and lack of sufficient investment; as a result, they face crisis in the credit markets. Nevertheless, colonialism impact on the Caribbean countries is felt up to date. Cuba and Puerto Rico gained independence in 1901 whilst Jamaica and Trinidad gained their independence in 1962 (History of the Caribbean 2012). Colonial governments were mostly undemocratic, and emphasized on divide and rule, which weakened the local power institutions. This paper will discuss the legacy of colonialism in relation to some of the economic issues facing the Caribbean countries. Legacy of colonialism and its contribution to some of the economic issues facing Caribb ean countries today The Caribbean countries struggled, but were full of courage for many years to attain their freedom and democracy as well. These countries have been a target to many developed countries due to their natural resources. However, the Caribbean countries have, over the years, tried to improve their economy to no avail; they have also tried to engage in clothes production, processing of food, and manufacturing of sugar, all of which have ended up in failure. The effects of colonialism have been felt on the Caribbean economy, which have contributed to its weakness. Though the Caribbean countries have attained their independence, some colonial policies hinder the Caribbean economy from excelling, posing as a ground for exploitation. According to The Michael Manley foundation (2006), colonizers of the Caribbean countries benefited greatly from controlling these countries; for instance, slave trade impacted positively on the industrialization of Britain, and as a result, e merging as the wealthiest nation. The colonized countries did advanced partially, as all the profits extracted from their resources benefited the mother countries of the colonizers. In addition, the Caribbean countries were not in a position to produce what they required, but they produced what the colonizers needed (The Michael Manley foundation, 2006). Today, the developed nations continue to benefit from the natural resources of the Caribbean countries with insignificant returns. For instance, Trinidad produces oil while Jamaica produces coffee, bananas, and sugar, all of which are exported to the developed countries. The developed nations use these raw materials to the benefit of their countries, and export the finished goods to the Caribbean countries; as a result, they make huge profits, while the Caribbean countries receive fewer returns. Colonialism encouraged the exportation of agricultural goods; as a result, the Caribbean countries have continued to lay more emphasis on t he exportation of such goods rather than investing in their manufacturing industries by expanding them. If the Caribbean countries would expand on their manufacturing industries, they would gain more profits through exporting finished goods, rather than raw goods, and as a result, boosting their economy. Importing more and exporting less is the trend of the Caribbean countries, this trend began in the colonialism era, where these colonized nations imported goods from the colonizing