The Diasporic Economy, Trade and the Tourism Industry in the Caribbean

Abstract

The chapter focuses on the tourism sector, which is the largest earner of foreign exchange and employs more people than any other economic sector in the Caribbean. The diasporic economy has emerged in the last two decades to rival the tourism sector in terms of foreign exchange earnings in several Caribbean countries. As such, a study of diasporic tourism brings together the two main drivers of the contemporary Caribbean economy. In this regard, the chapter examines the key dimensions of the diasporic economy, trade and entrepreneurship and their impact on the tourism sector. The case of the Caribbean, one of the most tourism-dependent regions in the world, is used to illustrate the development impact of these flows from a trade perspective. The main objective is to map existing economic and trade flows generated by the diasporic economy and to identify the key areas of innovation that are helping to diversify the tourism sector in the Caribbean.