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

How Does the Legacy of Colonialism Contri alonee to Some of the Economic Issues Facing Caribbean Countries Today - study ExampleColonialism can be defined as 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 expect greenness 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 goernments were mostly undemocratic, and emphasized on divide and rule, which weakened the local power institutions. This paper impart discuss the legacy of colonialism in relation to some of the economic iss ues facing the Caribbean countries. Legacy of colonialism and its contribution to some of the economic issues facing Caribbean countries today The Caribbean countries struggled, but were secure 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 stop 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, constitute as a ground for exploitation. According to The Michael Manley foundation (2006), colonizers of the Caribbean countries arrive ated greatly fr om controlling these countries for instance, slave trade impacted positively on the industrialization of Britain, and as a result, emerging 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. Colonial ism encouraged the exportation of agricultural goods as a result, the Caribbean countries have continued to lay more(prenominal) emphasis on the 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