While the Executive of Barbados exercises poor fiscal and public policy, to total blame that organ for the situation in which we find ourselves would be intellectually dishonest. The failure of the Barbadian private sector (businesses / markets / for-profit and non-profits / charities) to build upon the stability we had and expand during those times within the country and beyond is a major component of our current woes. The high level of aversion to risk is a hindrance to the Barbadian political economy.
Another issue is that Barbados is a post-colonial country. Most, if not all, of us came from the plantation in one way or the other. Our money is predominantly new money and our classes are new classes. As a result, there is little wealth and even less capital with which to do pioneering work.
The funds people have are not wealth. Those are for survival and general living. The middle class is usually the class to drive a society but a post-Colonial society is different. That class is struggling to establish itself. It is in that regard that I sympathise with University graduates who look to the job market instead of entrepreneurship.
There is a family immediately dependent on them. They have little breathing room to explore possibilities. We also put much of our money in foreign owned banks which have internal policies which are not aligned with the needs of Barbados. We need to move to Credit Unions even more than we already have.
However, even the move towards Credit Unions has constraints. Assets need to back loans. Wealth needs to back loans for access to capital. There is little wealth to back loans.
Therefore, Government must do something in this regard. There was once a time when public servants could not access loans to build houses. In the end, policy rules the day.