Dear Editor,

It’s time to confront the harsh reality: The Jamaican Government does not wield the power people think it does. More than half of the expectations placed on it are beyond its control.

The true power lies with the 2 per cent who own 95 per cent of the economy. They hold the reins of political influence, and the Government must work closely with them to achieve meaningful progress for all Jamaicans.

So far, governments have acted like parasitic hosts, feeding off the Jamaican people who have bought into the illusion of control. Democratic socialism, once touted as a solution, has proven to be a feel-good dream that ultimately led to economic stagnation and dependency.

Its proponents were more like lyrical deejays than genuine leaders, and now that socialism’s flaws are exposed, they’ve jumped onto the capitalist bandwagon. Look at the examples: Cuba suffers under US sanctions; China pays lip service to socialism while practising capitalism; and Venezuela is plagued by economic hardship fuelled by sanctions and mismanagement.

Meanwhile, countries like Jamaica need to adopt a different approach. It’s time for Jamaica to embark on a closely supervised, participatory, bottom-up capitalist development strategy.

A People’s Incentives Act, modelled after the Hotel Incentives Act, could be the key. This would involve minimal duties, no direct taxation, and a reliance on indirect taxation like the General Consumption Tax (GCT).

By abolishing income tax and eliminating squatting, Jamaica could unlock productive capital, drive inclusive growth, and reduce crime. In 1962, Jamaica recorded just 63 murders at Independence. By implementing these reforms, Jamaica can return to single-digit murder rates and achieve upward socio-economic development.

As the late reggae singer Jimmy Cliff so aptly put it, “Many rivers to cross…” but with the right approach, Jamaica can rise to the challenge. Long live Jimmy Cliff, and long live Jamaica! We can cross it.

Michael Spence

micspen2@hotmail.com