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

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pohnpei397 eNotes educator| Certified Educator

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.