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The Caribbean In The Global Financial And Economic Crises

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Chapter Summary

This chapter focuses on the general contradiction that the Caribbean now faces pursuing the free trade based CARIFORUM-EU EPA while embroiled in the global financial and economic crises, which the EU, US, G-20 and IMF seek to resolve by implementing state-interventionist measures that contradict those of the CARIFORUM-EU EPA. The Stanford Financial Groups fiasco, and the collapse of CL Financial (CLF) Group comprising the Colonial Life Insurance Company Limited (CLICO) and CLICO Investment Bank (CIB) resulting in a Trinidad and Tobago government bailout of CLF have caused much concern in the Caribbean due to the anticipated financial and economic fallout. State-intervention cannot erase the fact that the capitalist system is in a state of perpetual oscillation from crisis to crisis. The so-called state-interventionist solutions within the framework of global capitalism will not work.

Keywords: Caribbean region; CL Financial (CLF); economic crises; global financial; Stanford Financial



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