Please use this identifier to cite or link to this item: https://www.um.edu.mt/library/oar/handle/123456789/61278
Title: Development challenges for small open economies of the commonwealth
Other Titles: Economic vulnerability and resilience of small states
Authors: Chand, Satish
Keywords: Commonwealth
States, Small -- Economic conditions
States, Small -- Economic aspects
Markets -- Case studies
Economic development -- Environmental aspects
Developing countries -- Economic aspects
Issue Date: 2004
Publisher: University of Malta. Islands and Small States Institute & The Commonwealth Secretariat
Citation: Chand, S. (2004). Development challenges for small open economies of the commonwealth. In L. Briguglio & E. J. Kisanga (Eds.), Economic vulnerability and resilience of small states (pp. 302-311). Msida: University of Malta. Islands and Small States Institute & The Commonwealth Secretariat
Abstract: Twenty-two of the 53-member Commonwealth, comprising developed and developing nations, are nation states with populations less than one million. The chapter shows that size creates problems peculiar to these small states compared to their larger counterparts. However, cross-country evidence shows that well-managed small economies have outperformed both poorly managed small states as well as much larger states. It is argued that the secret of success lies in the small states capabilities for speedy adjustment to external shocks. The chapter refers to the argument that since some small states have done well, small states have small problems. The chapter contends that this argument is flawed. It is proposed that the successes of small states deserve closer scrutiny so that they can be replicated elsewhere. The challenge for policy makers, therefore, is to draw lessons from the successes and emulate these within the less successful economies.
URI: https://www.um.edu.mt/library/oar/handle/123456789/61278
ISBN: 99909-49-22-0
Appears in Collections:Economic vulnerability and resilience of small states

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