Some Alternative Thoughts on Endogenous Development

Abstract

Following the third Sustainable Grand Bahama Conference held in 2022 under the theme Diversifying and Expanding Our Economy, this contribution seeks to reinforce the importance of a national development framework for The Bahamas that considers the country’s historical, social, cultural, institutional, and political influences. It is argued here that qualitative policy intervention ought to be an important positive force within the context of transnationalism, financialization, and imperfect competition, as socioeconomic advancement is a continuous work in progress for countries at all levels of development. The methodological approach utilised in the article is based on a distinctively Bahamian developmental state perspective alongside aspects of international political economy. The main focus of this contribution is to sketch out the policy framework that might be advisable to develop and diversify Bahamian production lines—given the country’s excessive reliance on tourism and financial services—while helping the country move to the next level of socio-economic progress. A developmental state with Bahamian characteristics is proposed here as a necessary policy framework for the support of selected industries of high potential and achievability while leaving space for further social and political advancement.