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Achieving Development SuccessStrategies and Lessons from the Developing World$
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Augustin K. Fosu

Print publication date: 2013

Print ISBN-13: 9780199671557

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199671557.001.0001

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Economic Development Strategies in the Dominican Republic

Economic Development Strategies in the Dominican Republic

(p.383) 18 Economic Development Strategies in the Dominican Republic
Achieving Development Success

Susan Pozo

José R. Sánchez-Fung

Amelia U. Santos-Paulino

Oxford University Press

This chapter analyses the Dominican Republic's successful economic development experience in the second half of the twentieth century and the beginning of the new millennium. It highlights the implementation of a multifaceted development strategy consisting of three main pillars. The first pillar involved building a diversified economic base to provide the foundation for smoothing aggregate income and for withstanding the normal fluctuations of the world economy. The second pillar involved developing special economic zones (parallel economies) that protected the new industries that comprised the more diversified economic base. The third pillar was openness to globalization.

Keywords:   macroeconomic policies, economic growth, economic development, structural reforms, special economic zones, globalization, diversification

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