Globalization, structural adjustment, and industrial restructuring: The impact on Guyana, Jamaica, and Trinidad and Tobago.

摘要

The study examines the process of structural adjustment at a macroeconomic level and industrial restructuring at a microeconomic level, using the following three industries as case studies: bauxite/alumina petroleum/petro(chemical) and sugar.Both national structural adjustment programs (SAPs) and those directed by the multilateral institutions focus on balance of payment equilibrium and other macroeconomic indicators, with no regard to the requirements of adjustment to the changes in new global economy. SAPs have to be seen in the context of the fundamental changes that are occurring in the organization of production. The shift from mass production of consumer goods and rigid production structures to a system based on the new technologies--microelectronic, biotechnologies, new materials and photonics--allows flexibility, improved efficiency and productivity and fosters the integration of production and distribution across the globe. Furthermore, economies are facing vastly accelerated rates of innovation with rapid obsolescence in existing products and processes and reduced life cycles. This paradigm shift not only has implications regarding trade and investment patterns but also regarding the nature of competition and the role of the State. This is why SAPs, as currently constituted, do not solve the crisis and why national policies to alleviate the symptoms of the crisis are not effective.In response to declining production and prices brought on by the paradigm shift and in response to the new global economic framework, the three industries, both state-owned and private, have attempted to restructure their operations. Policies to increase efficiency and lower the cost of production have been put in place and more attention paid to management, training and R&D. Privatization is playing a key role in restructuring.Given the fact of globalization, national-based policies are no longer effective so that the deepening of regional integration instruments to effect improve economies of scale and scope should help in meeting the challenge of global competition. In view of incessant technological change, the State and the private sector will have to devote a much larger share of resources to education and training and research and development.