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Discuss whether the construction segment of any CARICOM economy represents the natural candidate for a strategy of import substituting industrialization.
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Question Discuss whether the construction segment of any CARICOM economy represents the natural candidate for a strategy of import substituting industrialization. Introduction This paper will examine the construction sector in Trinidad and Tobago during the period 1966-2002 in the context of Import Substitution Industrialization (I.S.I.) and will seek to determine whether the country is a natural candidate for the implementation of I.S.I.. Firstly, construction will be defined and the local sector outlined in terms of Gross Domestic Product, Gross Capital Formation, Mortgage rates, Employment in the sector, Imports, Exports and the cost of raw materials final products. Thereafter, the concept of Import Substitution Industrialization will be defined, and its history examined by exploring the theories proposed by economists Raul Prebisch, Hans Singer, Arthur Lewis. To conclude we will provide data and analysis to show why Trinidad and Tobago's construction sector is a natural candidate for I.S.I. In this regard, we will examine how industrialization in...
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