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Copyright © Cambridge Political Economy Society

research-article

Run into the sand? The limits to growth in Barbados

M. K. Anyadike-Danes*

*Cave Hill Campus, University of the West Indies

Abstract

Since political independence was achieved in the mid-1960s, expansionary fiscal policy has contributed significantly to the growth of the Barbadian economy. Thus, national spending has generally run ahead of national income. Initially, the necessary balance of payments finance was provided by private capital inflow, with the government raising its own finance domestically. However, private flows from abroad dried up in the early 1980s and the government found itself obliged to borrow externally on a considerable scale. Towards the end of the 1980s, with a mounting bill for debt service, and new foreign funds proving more difficult to obtain, the government (under the aegis of an IMF stabilisation programme) adopted a more contractionary fiscal stance. The possibilities represented by the post-independence model of growth are now, apparently, exhausted.

Manuscript received October 3, 1994; final version received April 21, 1995.


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