Poverty and Economic Devastation in Jamaica

Poverty and Economic Devastation in Jamaica

This essay analyzes not only positive changes that independence gave to Jamaican people, but also the negative role of multinational corporations, that was foreseen as early as 1776 by the father of Economics, Adam Smith. In his ground-breaking book, Wealth of Nations that was discussed in the essay and set the foundation for the field of modern Economics, Smith wrote that corporations would eventually work to cleverly escape the laws that govern the market, they would narrow the competition, raise their profits and try to meddle with setting of prices and control of trade. Such negative role of the corporation in the country’s history happened in Jamaica as well. amaica‚Äôs problems began in 1962 when it secured independence from England. This essay focuses on effects of struggling economy that is characterized by chronic debts, illiteracy, and an ancient medical system. The researcher describes that the country badly needed finance to address its problems and approached private banks, but only got the cold shoulder treatment. The researcher also describes Jamaican government policies on social topics and refers to cultural features of modern Jamaica and it’s citizens through examples such as movies, books on the topic of economic devastation and poverty in the country. The Rastafari movement, that emerged as a platform to fight local poverty and disenchantment also is mentioned in the essay. In conclusion, the researcher hopes that proper boost in tourism can generate much needed revenue to Jamaica and its beleaguered citizens.

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