DEVS 100 Lecture 2: DEVS lecture 2.docx
20 Oct 2014
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Cant even produce for itself so they must import and export goods rather than rely on a small economy foreign product hurts their economy: it is less expensive to sell/ produce therefore local product sells less, this creates a major problem because local competes with foreign and foreign wins (does not contribute to the economy in jamaica at all) government reaches out to imf, imf would not lend any money to farmers unless they paid high interest rate, thus farming was reduced to a minimum. Banana industry: produce 90000 tons = all goes to uk, jamaica has a deal with europe which provides jamaica a guaranteed market and therefore the bananas are tariff free (benefits the uk, however jamaica has no access to the us market, bananas cost more to produce in jamaica than other places, the industry is now dying.
