Vol. 2002, No.1

Highlights from this issue

A Tribute to Dr. Milton Friedman
Dr. Friedman recognized the danger to freedom and prosperity presented by the "growth of government, the triumph of the welfare state and Keynesian ideas". Fortunately he lives to see widespread acceptance of competitive capitalism, and an awakened recognition that governments are not the universal cure for all ills.

Privatization - the Budget Cure
by Anthony Ferguson & Larry Gibson
The really serious issue in relation to the public finances is that the 2001/02 level of fiscal deficit of 3% of GDP is not sustainable. In this crisis, unlike that presented in 1992, privatization is the only viable policy that we can effectively mobilize.

Devaluation Talk
by Ralph J. Massey
The devaluation of one's currency is always the last painful step to solve a financial crisis. However, there are things that can be done in the Bahamas to support continued stability and to avoid the chaos of devaluation and large economic adjustments.

The Electricity Monopoly
by Ralph J. Massey
One of those things would be to allow electricity users to generate their own electrical power. This would provide a more effective use of the total installed electrical generation capacity and improve Bahamian competitiveness.

Poverty, Trade & Growth
by Ralph J. Massey
The real dilemma for the Bahamas is "Will it pursue vigorously the positive incentives to economic growth?" or "Will it equate free trade with "Global Pillage", turn inward and stress infant industry protection and income redistribution?"

The Globalisation Renaissance
by Rick Lowe
The fact is that free trade and participation in the global markets for tourism and financial services is the very basis for Bahamian prosperity to date. These markets will force economic efficiency and competency if the Government allows and encourages such developments.