On the Margins of the Rising South: ALBA and Petrocaribe in the Caribbean

Abstract

Growing attention has been paid in recent years to new political and economic trends encapsulated under the notion of the “rise of the South.” After centuries of uneven integration into the world system, a number of Southern countries have experienced decades of substantial economic growth – often faster than those historically experienced by the North – and gradual improvement in social indicators. Large developing economies led by Brazil, India, and China have been at the forefront of these changes, which have included intensified and expanded economic and political linkages between Southern partners; South-South Foreign Direct Investment (FDI) flows grew from $2 billion in 1985 to $60 billion in 2005, and the share of South-South trade of world merchandise trade increased from 8 per cent in 1980 to 26 per cent by 2011 (Shirotori and Molina 2009, UNDP 2013, p. 2). Changing South-South trade and investment patterns have been interwoven with new regional integration projects and increased action among wealthy countries to expand their relations with Southern partners.