Developing countries undergoing economic crises have traditionally followed economic restructuring programmes that are based on the premise that private investment recovery is assured once the market is allowed to prevail. There is little regard for the micro-level unit - the 'investing-firm' - in this process, the conditions that characterize the product and factor markets and the positioning of the firm at the outset of adjustment. This book focuses on the firm and its experience in the restructuring process within the context of a heterogenous private sector.

Acknowledgements Series Editor's Preface INTRODUCTION The Objectives of the Research and Location of the Problem The Theoretical Framework of the Research and the Approach to the Study Outline of the Study Main Findings of the Research Notes THE PRIVATE SECTOR'S ROLE IN ADJUSTMENT Introduction The Background of Adjustment The Structuralist Tradition: An Overview Elements of the Post-Keynesian Tradition The Private Sector: The Basis for its Role in Adjustment Structuralism and Other Traditions: Comparison Conclusions Notes THE PRIVATE SECTOR IN TRINIDAD & TOBAGO Introduction The Intellectual Tradition: The Origin of the Firm Industrialization in Trinidad & Tobago: The Policy Framework An Overview of Economic Performance of Trinidad & Tobago The Firm: The Influence of History and Institutions Conclusions Notes Annex I Annex II THE MICRO-LEVEL IMPACT OF MACROECONOMIC POLICIES: THE FIRM UNDER ADJUSTMENT Introduction The Rationale for Adjustment The Conceptualization of the Firm under Adjustment The Microeconomic Impact of Macroeconomic Policies: Summary Conclusion Notes Annex THE FRAMEWORK FOR ANALYSING THE FIRM UNDER ADJUSTMENT Introduction Sources of Data, Sampling Design and Method of Data Collection Profile of Responding Firms: Annual Survey of Business Establishments The Approach to Analysing the Private Sector under Adjustment Notes Annex STRUCTURAL CHANGES DURING ADJUSTMENT: HETEROGENEITY BASED ON SIZE OF FIRM Introduction Approach to Analysing Structural Changes: Variables and Groupings Changes Across Employment Size Groups Firm Size and Heterogeneity Conclusions Notes STRUCTURAL CHANGES DURING ADJUSTMENT: HETEROGENEITY BASED ON FIRM OWNERSHIP Introduction Structural Changes in Variables Based on Firm Ownership Summary of Results Conclusions STRUCTURAL CHANGES DURING ADJUSTMENT: HETEROGENEITY BASED ON INDUSTRY Introduction Variation of Structural Factors by Industry Summary of Industrial Results Conclusions THE PRIVATE SECTOR DURING ADJUSTMENT: THE INTERACTION OF PRICE INCENTIVES AND STRUCTURAL FACTORS Introduction Modelling of the Impact of Adjustment on Firms Profitability and Investment: The Effect of Adjustment and the Response of Firms to Adjustment Adjustment Patterns of Firms Conclusions CONCLUSIONS: PRIVATE SECTOR ADJUSTMENT Introduction Adjustment and Private Sector Development: Focus, Weaknesses, Strengths Presentation of the Main Findings of the Study Policy Implications Concluding Remarks and Implications for Further Work References