The Implications of Increasing Globalization and Regionalism for the Economic Growth of Small Island States

Abstract

This paper provides an overview of the implications of globalization and increasing regionalism for small island states in the context of the critical determinants of their economic growth. A brief outline of the globalization process is provided followed by a discussion of regionalism and the trend in subnational regional autonomy. This is followed by an overview of the empirical literature on the critical factors determining the growth of small states. Next is an analysis of the implications for small island states of increasing globalization and regionalism in the context of the critical growth factors identified in the preceding section. The paper concludes by proposing an agenda for further research into the implications for small island states of the impact of globalization on specific growth factors.