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Going Past Simple Economies

The Caribbean region has a problem. A problem traced back to its centuries under the yolk of colonialism and you’ve likely heard it before. This problem is economic monoculture; the reliance on one major resource or industry as the primary crutch upon which the nation’s financial fortunes are largely held up on. No doubt size also factors into this predicament given that larger nations afford larger markets, economies of scale and more opportunities to work with. However did you know that in the space of a year China saved almost a quarter of a trillion (USD) by reducing its import bill for all the various high-tech products, services and materials required by its colossal manufacturing sector? In a WSJ piece titled, China to World: We Don’t Need Your Factories Anymore[1], the finer details are explained. To put things simply, China has over the last decade, gradually developed its own expertise and know how despite having largely been involved in basic manufacturing and assembly for years. Now, where various advanced alloys, chemicals, compounds and electronic parts would previously be procured from cutting edge Western factories, Chinese producers now have the ability to create products domestically  from start to finish with only

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