Abstract
ABSTRACTThe small non-sovereign island jurisdictions (SNIJs) of the Caribbean have a privileged position in the global political economy, with significant political and economic autonomy on the one hand, and useful protections and support structures provided by their metropolitan powers on the other. However, the global financial and economic crisis of 2007–2008 highlighted starkly some of the fragilities of this privileged status; in particular their economic vulnerability and the unequal and often fractious relationship with their metropolitan powers. This article considers the British, Dutch, French, and US jurisdictions and the short- and longer-term impacts of the crisis. The article’s key concern is to assess the extent to which the instability in the global economy over the last decade has affected both the economic and political dynamic of these jurisdictions, and to what extent their unique position in the global political economy has been compromised.
Highlights
In the academic literature on small island territories, the benefits of a non-sovereign political status are often highlighted (Hintjens 1997; Baldacchino & Milne 2009; Rezvani 2014). When it comes to economic development, small non-sovereign island jurisdictions (SNIJs, Baldacchino & Milne 2009) are supposed to have a series of advantages vis-à-vis sovereign small states
We provide an overview of the constitutional links in place for the Caribbean SNIJs; second, we assess the nature of the economies, before going onto address our key concern: to what extent has the instability in the global economy over the last decade affected both the economic and political dynamics in the British, Dutch, French and United States (US) non-sovereign jurisdictions, and to what extent their unique position in the global political economy has been compromised
So what impact has the global financial crisis had on the non-independent Caribbean, and to what extent has there been a noticeable economic and political recalibration between the territories and their metropoles? SNIJs in the Caribbean are often lumped together, the preceding analysis has shown the political and economic differences between them, and how each has been affected over the last decade in distinct ways
Summary
In the academic literature on small island territories, the benefits of a non-sovereign political status are often highlighted (Hintjens 1997; Baldacchino & Milne 2009; Rezvani 2014). As with the British territories, one key result of the Kingdom reforms of 2010 is the increased role of the Netherlands in overseeing the financial policies of the Dutch Caribbean.
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