List the Advantages and Disadvantages of Caribbean Single Market and Economy.

Expert Answers

An illustration of the letter 'A' in a speech bubbles

The most likely advantages and disadvantages to this plan are similar to those of other common markets like the European Union.  Here are some of them.

Possible advantages:

  • Creates a bigger market.
  • Creates a bigger pool of capital to draw on
  • Creates a bigger pool of workers and (for workers) more firms to choose from

Possible disadvantages:

  • Too much migration of workers to the richer countries
  • Single currency would be hard to implement because some countries' economies are stronger than others
  • Firms from weaker economies will be driven out of business.

 

Approved by eNotes Editorial Team

We’ll help your grades soar

Start your 48-hour free trial and unlock all the summaries, Q&A, and analyses you need to get better grades now.

  • 30,000+ book summaries
  • 20% study tools discount
  • Ad-free content
  • PDF downloads
  • 300,000+ answers
  • 5-star customer support
Start your 48-Hour Free Trial