It was interesting to listen to the Governor of the Central Bank speaking recently to the need for Barbadians to be confident in what we have achieved. We score higher than our Caribbean neighbours on the Human Development Index he reminded us. He further revealed that significant foreign exchange will be injected into the economy soon and government intends to embark on a billion dollar capital works program to spur growth. The predictable response is to shout bravo! BU however will reserve our plaudits until we see visible signs that we are serious about implementing changes which are required for little Barbados to give itself a chance to compete and sustain a ‘decent’ standard of living.

In a book recommended to BU by Hal Austin titled Aftermath: The Cultures of the Economic Crisis makes for interesting reading.  In one extract there is the view that “Five years past the very first signs of crisis, it seems to be time to assume that this crisis is not identical to the ones with which we have been living in capitalism since 1972 oil crisis. This is a different crisis, because it occurred under a globalized world, where China had become a central player in the economy and diplomacy and the USA and Europe had become weaker. This crisis is only different because European and American power has been consumed by two wars and a financial sector that, as a product of its own choices, imploded, and afterwards, in order to survive, dried up the financial assets of sovereign states”.

BU quoted the above because it seems when we have to suffer the mouthings of the Governor of the Central Bank, the government AND the Opposition (government in waiting).  We are subjected to the same tired arguments and solutions premised on a world which promises more of the same, that is, pre 2008 economic prosperity. The book goes on to suggest that the protracted crisis has redefined the future, a future where growth and creation of wealth no longer equates to the more jobs. Despite what the Governor has promised, it is not a sustainable strategy AND this is assuming there will be efficient implementation.

First of all our problem is simple to diagnose, we are living above our means. As a people we have to change our mindsets. We should begin by defining true economic needs, rather than falling into an endless spiral of consumption where new needs always appear as a result of enticement in the market. Why should Barbados allow itself to be mired by a value set  which places supreme merit in the success of the iPhone as an example?

Where do we go from here?

As a small country of fleeting significance on the global landscape we have to come to an understanding fast that we have to embrace an alternative lifestyle. A lifestyle which is steeped in a reality which should be obvious to all Barbadians by now. The days of applauding the naked Emperor is no more.

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