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Essay / Research Paper Abstract
Set in the Caribbean the Cayman Islands are the most economically successful of the Caribbean Islands, known as a tax haven and home to many corporate bodies this is only a part of the Cayman Islands economic development. This 20 page paper examines the development of the Cayman economy and the role of tourism as well as financial services and then applies economic theories to explain the development and interaction of the various policies that have resulted in such strong growth for the area. The bibliography cites 8 sources.
Page Count:
20 pages (~225 words per page)
File: TS14_TEcayman.rtf
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Unformatted sample text from the term paper:
the last century, this is an area which is a good example of small Islands economies competing in the global economies, but also shows the greater sensitivity that exists in
small economies to internal and external factors. The modern history of the Cayman Islands starts in 1794, when after a mistake ten ships from the British Royal Navy were
wrecked on Grand Caymans reef of off the East End, this is known as the Wreck of the Ten Sails (Anonymous, 2006).
The sailors were all saved by the local inhabitants, and a story states that this included the prince royal. The story says after the news of the events and the
gallantry of the local people reached King George the King decreed that there would always be freedom from taxes and war conscription; however this story appears to be more myth
than reality as there does not seem to be any proof to back this up. There is little doubt the wreck took place, but this makes a good story and
gives an interesting interpretation on the tax free status of the islands, even if it may only be a myth (Anonymous, 2006). The status of Cayman being tax free
has more to do with its more recent economic development rather than the colonial links and gallantry of the people. The Cayman Islands are remote, and as such until relatively
recently had only a small population, up until the 1960s the entire population did not amount to 8,000 (Anonymous, 2006). The main economic activities were subsistence farming, turtling, fishing, thatch
rope production and many of the men would serve on ships sailing under either Liberian of American flags (Anonymous, 2006). The area developed gradually with the construction of an aircraft
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