The Great Jamaican Sell-out

By Rupert Johnson 

It is indeed ironic that every year since 1962 Jamaicans celebrate enthusiastically the island’s political independence, although economic independence continues to slip away at an unprecedented rapid rate.

Even though I do not condone full-blown economic nationalism, a significant element of this philosophy is necessary, in order to maintain a country’s political independence or self-determination. Thus, political independence is a hollow notion if a country is not in control of its economic base. The economic base is a dominant factor, for all other institutions are constructed on this foundation.

The inability to manage and determine its own economic course has become the bane of many countries that achieved political independence since the end of the Second World War. One by one, many of these countries that were granted independence have allowed themselves to be taken over by foreign interests.

It can be argued that this state of affairs is largely due to the mismanagement of the economy by leaders in these countries.

It is sad to say that the beautiful island of Jamaica is one of the countries that has allowed itself to be drawn into the economic vortex of foreign ownership.

It has been reported that a significant segment of Jamaica’s wholesale and retail business enterprises are now owned and controlled by foreigners, particularity from the Asian continent. But this is not all. From the foreign take-over of the hotel and beach resorts, to the airport, airline, and highway infrastructure; from the foreign ownership and control of the cement and coffee industries, successive governments have sold out Jamaica’s valuable resource.

What is taking place in Jamaica today is tantamount to economic colonialism on a massive scale. There is no doubt that the present government in Jamaica is in a mad hurry to attract any type of investment. Is it because the political leaders firmly believe that their compatriots are incapable of running things? Or is it because of a built-in fear that Jamaicans are afraid to be risk takers in an open market-place? Does the government believe that an influx of foreign capital will reduce the chronic unemployment problem? Is this the reason why it is willing to grant foreign companies and entrepreneurs a tax holiday for a considerable length of time? It has been reported that a tax free period of up to ten years is now being implemented.

It is no exaggeration to say that if this trend of foreign ownership continues, Jamaica will revert to the old colonial days when foreigners dominated the entire political and economic landscape.

I can vividly recall those dark days when the hotels and tourist industry were so controlled by external forces that the average Jamaican citizen could not set foot in any of the hotels or bask on many of the white sandy beaches.

I dare say that those days of stark denigration may be approaching again, when ordinary Jamaicans may very well experience a feeling of alienation in their own country.

It is, therefore, time for Jamaicans to wake up and realize what is at stake. They should collectively pressure the government to stem the wave of foreign ownership and control of the economy before there is nothing left for Jamaicans to call their own.

Rupert Johnson can be reached at: r.b.johnson@sympatico.ca.