A taste of small-island success : a case from Prince Edward Island

Abstract

Smallness and insularity have been traditional markers for the absence of economies of scale, viable markets, labor power and expertise, and business know-how. Loaded with such structural handicaps, small-island societies often are seen as clearly doomed by the accident of geography to eke their way as bastions of protectionism and as targets of interventionist bale-out and hand-out programs. Substantial evidence is now available to shatter this impression. Small-island territories have achieved spectacular rates of economic growth, knocked down the obstacles of geographical circumstance, and indeed have transformed these into precious marketing assets. Many small islands have excelled in small-scale, high-value product- and service-niching, in banking and finance, as well as in tourism, transport, brokerage, and hospitality. To accomplish this feat, the island identity has been put to good use, in more ways than one