Lessons from the Political Economy of Small Islands

Abstract

Small islands often enjoy a distinct juridical personality. Many, whether fully sovereign or not, successfully deploy this "gift of jurisdiction" to economic advantage, offsetting the potentially adverse effects of smallness, isolation and peripherality. These legal powers, reflected in supportive policy and culture, are themselves key economic resources in a development strategy. Globalization can be richly asymmetrical, offering lucrative opportunities for differentiation and nice strategies for small island jurisdictions. This book documents such lessons from a most unlikely group of North Atlantic Islands.