Emancipation was not an easy time for Africans as they were still on the bottom line. The bad effects of emancipation were seen across different areas of the Caribbean, but the overall decline was seen in the plantation economy. Most of the ex-slaves left the estate and others settled as small farmers. The result was the labour shortage and increased labour costs that affected the sugar industry to shut down (Emmer, n.d.). The yearly sugar production got slumped by 36% and the biggest reason behind this was the increased cost of sugar production. Other reasons were competition in sugar beet and the Sugar Duties Equalization Act of 1846. According to this act, all sugar prices have to be equalized at a lower price if any profit had to be earned. The European countries also started their own beet sugar industries as they do not have to depend on the imported sugar and it would open employment opportunities as well. The sugar from the British Caribbean colonies now had competition from the sugar being produced in Cuba and other parts of the world.
Alternative crops were an option for the planters, other than sugar cane, in which they could invest. The alternative crops included cotton, coffee, nutmeg, rice, coconut and banana. The agricultural diversification began during the slavery itself as some of the slaves grew crops in their area of the plantation for their own families or for the Sunday markets. The planters now understood the profitability of the alternative crops like Banana after recognizing its value in the US. Some planters started planting banana and coconut in place of sugar cane as this was a great profitable solution for them.
A recent growth has been seen in the tourism industry in the Caribbean (Sutton, n.d.). Around half of the world’s cruise market lies there, but the most happening business is facing difficulties now. The development of tourism has driven up the cost of food and land of the locals. The local people are denied to their own beaches. Most of the jobs are owned by foreigners or the people with lighter skin tone.
References
Emmer, P.C. (n.d.). The Big Disappointment. The economic consequences of the abolition of slavery in the Caribbean, 1833–1888. Retrieved from http://www.history.ac.uk/ihr/Focus/Slavery/articles/emmer.html
Sutton, P. (n.d.). Caribbean Development: An Overview. Retrieved from http://swisscaribbean.org/?i=10
1e. Development of the Peasantry. (n.d). Retrieved from https://missmango5.wikispaces.com/1e.+Development+of+the+Peasantry
2b. Agricultural diversification. (n.d). Retrieved from https://missmango5.wikispaces.com/2b.+Agricultural+diversification
