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CARIBBEAN QUILT 
2023 VOL. 7 NO. 1 
 

 50 

 

                                                                                  

 
 

                                                       

The Plantation Economy and Guyana’s Extractivism 
 

Alyssa Nurse 

Centre for Caribbean Studies 

Faculty of Arts & Science, University of Toronto 

 
Alyssa Nurse is a fourth-year undergraduate student at the University of Toronto completing an Honours Bachelor of Arts while double majoring in 

Economics and Political Science. She has been actively involved with the Centre for Caribbean Studies and is the incumbent Co-President as of 2021 

of the Caribbean Studies Students’ Union (CARSSU). She was born in Barbados but was raised in Guyana prior to moving to Toronto, which has 

significantly influenced her academic interests especially in the field of economic growth and development in the Caribbean region. 

 

                                                                                  
 
KEYWORDS: 

Plantation Economy 

Guyana 

Extractivism 

Production Structure 

Economic Develop-

ment 

 
 
 
 
 
 

 
 
ABSTRACT 

                                                                                        
The Plantation Economy school of thought has been somewhat absent from mainstream discourse surrounding devel-

opment despite offering a critical lens to understand the Caribbean region's historical and contemporary economic con-

ditions. This paper examines the extent to which Plantation Economy scholarship can explain the current production 

structure of Guyana's extractive oil and mineral industries. This is demonstrated through a historical recapitulation of 

the Plantation Economy’s theoretical underpinnings, situates the pertinent particulars regarding Guyana’s extractive in-

dustries and highlights the lack of inter-sectoral linkages, significant exploitative ownership agreements and skewed 

export dynamics that exist. The intention is to spark a resurgence in Plantation Economy scholarship, especially since its 

relevance remains as vital as ever in addressing the region's structural barriers to economic development.

 

 

In this critical reflection piece, I argue that the plantation 
economy school of thought effectively applies within the 
context of Guyana's oil and mineral industries. This is be-
cause the lack of inter-sectoral linkages, exploitative own-
ership agreements and skewed export dynamics plague the 
current state of these industries. All of these are commonly 
reflected and explained through the features of the Planta-
tion Economy. This paper is structured as follows; I 

summarize the core characteristics that underpin the plan-
tation economy school of thought and establish the mod-
ern-day applications of its usage. Afterwards, I present the 
relevant details about Guyana's oil and mineral industries. 
Lastly, using the Guyanese case study, I argue that the plan-
tation school of thought explains the oil and mineral indus-
tries' extractive production structure by evaluating indus-
trial linkages and examining ownership and export 

Caribbean Quilt 
Journal Homepage: https://jps.library.utoronto.ca/index.php/cquilt/index 
 
 



CARIBBEAN QUILT 
2023 VOL. 7 NO. 1 
 

 51 

dynamics. My argument demonstrates the relevance of the 
Plantation Economy school of thought and some of the 
continued modern-day limitations on Guyana's economic 
growth and development. 
 
1) Plantation Economy 101 
Scholars like Lloyd Best and Kari Polanyi Levitt in the late 
1960s pioneered the Plantation Economy school of thought 
in. It emerged as a critical theoretical perspective that chal-
lenged the conventional prescriptions and recommenda-
tions for countries to attain economic development, or as 
deemed by Girvan (2009), “one-size-fits-all" approaches. 
Countries tended to be categorized as either "underdevel-
oped" or "backward" without paying significant attention 
to their vastly different cultural, historical, and geographic 
circumstances.  The Caribbean-centric theory asserts that 
economic policy decisions are influenced and sustained by 
institutions and historical legacies of slavery and colonial-
ism.  
 
During slavery, plantations were understood as self-sus-
taining economic enclaves and engaged in little to no ex-
change with other plantations. They utilized slave labour 
to specialize in producing and exporting crops like sugar-
cane. The relationship comprised the "metropole" or colo-
nial power and the dependent colony or "hinterland.” (Wit-
ter 2021, 469). These dynamics are considered to be so 
deeply entrenched that they have persisted over time, es-
pecially since Caribbean economies, from their inception, 
were tailored to serve the interests of the metropole (Best 
and Levitt 2009). Plantation Economy highlights how 
these Caribbean economies have been battling what ap-
pears to be a persistent dependence; "of growth without de-
velopment, of adjustment without structural change, of di-
versification without transformation” (Girvan 2009).  As 
such many Caribbean economies, today are still under-
stood as economic enclaves. 
 
There are roughly five central characteristics or “rules of 
the game” of plantation economies, as highlighted by Best 
(1968). These principles laid much of the institutional 
framework that explained the dynamics of dependency, 
which are the hallmark of the relationship between the hin-
terland and the metropole (Edwards 2017, 105). The first 

feature is navigation acts which establish exclusive spheres 
of influence for the metropolitan economy and the limits 
placed on the external intercourse of hinterland economies, 
e.g., the British Commonwealth. Such a phenomenon was 
dubbed “Inter Caetera” (Best 1968, 284). The second 
characteristic deals with the provisions regarding the divi-
sion of labour between the hinterland and metropole. It is 
also known as the Muscovado Bias. This “rule” stipulates 
that the hinterland is subject to “either crude production or 
crude processing” (Best 1968, 284). At the same time, the 
actual valued added activities are left to the metropole to 
conduct. Thirdly, regarding the financial relationship, the 
metropole is the intermediary between the hinterland and 
the rest of the world. This is called the Metropolitan Ex-
change Standard. The fourth feature is commercial inter-
mediation, which guarantees metropolitan intermediation 
in affairs regarding hinterland trading. It is also known as 
the Navigation Provision regarding the “origin, destination 
and carriage of trade” (Best 1968, 284). The fifth and final 
characteristic is Imperial Preference, which outlines the 
“general conditions under which hinterland producers are 
able to dispose of their output in the metropolitan market” 
(Best 1968, 284). 
 
Moreover, the evolution of this school of thought brought 
about three classifications representative of the Caribbean 
economy throughout successive stages. Model I is the 
“Pure Plantation Economy” best understood as the planta-
tion system that arose as a result of European exploration, 
colonization and conquest (Best and Levitt, Essays on the 
Theory of Plantation Economy: a Historical and Institu-
tional Approach to Caribbean Economic Development 
2009, 13-14). It reflected slave labour as the mode of pro-
duction and the plantation as the production unit. (Edwards 
2017, 106) (Girvan 2006, 334). Model II is the "Plantation 
Economy Modified" and covered the post-emancipation 
period and extended until around independence. During 
this period, a national economy emerged and shifted to a 
free workforce that received wages, ultimately leading to a 
"residentiary sector." However, this period was still highly 
reliant on the demands and skills of the Pure Planation 
Economy (Model I) and the important exports were no 
longer demanded with the same level of intensity as before. 
 



CARIBBEAN QUILT 
2023 VOL. 7 NO. 1 
 

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 The third and final stage is Model III or "Plantation Econ-
omy Further Modified" which represents the modern pe-
riod (Girvan 2006, 335). The most relevant model for this 
paper's analysis is the Plantation Economy Further Modi-
fied. The reason is that the scholarship developed on this 
Model incorporates the emergence of newer industries op-
erated by multinational corporations (MNCs) (Edwards 
2017, 106; Witter 2021, 472). Which “control decision-
making, investment, technology, the supply of inputs, and 
the processing and disposal of outputs” (Girvan 2006, 335). 
In addition, this phase saw the shift of many plantation 
economies to mineral exporting economies. Scholars have 
argued that the plantation theory still applies in the context 
of the mineral and oil industries (Girvan 2006; Edwards 
2017; Witter 2021). The reason is that the dependency re-
lationships between the metropole and the hinterland per-
sist and mirror the dynamics of the operation of the plan-
tation (Girvan 2006, 335; Witter 2021, 472). In other words, 
the features from Model I are still reproduced in modern 
times. 
 
2) Guyana’s Oil and Mineral Industry and the Real-
ities of Resource Riches 
After defining the theoretical specificities required for 
analysis, we can now examine the case study of Guyana 
and its mineral industries. Situated in the Northern section 
of South America, Guyana is the only country with English 
as its official language and is home to roughly 780,000 
people (The World Bank 2020). The country is culturally a 
part of the Anglophone Caribbean and was a British Col-
ony until 1966, when it gained independence. Like many 
other Caribbean countries, Guyana’s exports are predomi-
nantly agrarian and raw material oriented. 
 
The country's mineral industry predominantly comprises 
gold, bauxite and, to a lesser extent, diamonds. In the gold 
industry, most of the output comes from artisanal, small 
and medium-scale (ASM) operations and is almost exclu-
sively conducted by locals (Pasha, Wenner and Clarke 
2017). Large-scale production, however, is predominantly 
done by two foreign-owned companies as of 2015; the Ca-
nadian company Guyana Goldfields Inc. and Australian 
company Troy Resources Inc (Pasha, Wenner and Clarke 
2017). In more recent years, other foreign-owned 

companies have made investments but are yet to com-
mence operations, such as Dream Hole Mining Company 
and GMV Minerals Inc. (Pasha, Wenner and Clarke 2017). 
It remains to be seen whether large-scale foreign-owned 
operations will surpass ASM mining in terms of output; re-
gardless, there is no doubt of the significance of the indus-
try since "gold production accounted for almost 10 percent 
of GDP and 56 percent of total exports in 2019" (Balza et 
al. 2020). Lastly, the mining industry has replaced the 
sugar industry in terms of economic importance and has 
been the leading contributing resource to economic growth, 
making the industry extraordinarily relevant and suitable 
for Plantation Economy analysis. 
 
Guyana's oil industry dates back to the 1930s when the first 
oil prospection license was issued to Trinidad Leaseholds 
Company Ltd. (Ministry of Natural Resources: Petroleum 
Management Programme 2021). Throughout the 1960s to 
1990s, the country encountered issues procuring sufficient 
funding from investors and mainly experienced unsuccess-
ful offshore and onshore projects. (Ministry of Natural Re-
sources: Petroleum Management Programme 2021) . How-
ever, the country has seen a significant reversal of fortune 
in the past seven years. In 2015, the American multina-
tional corporation ExxonMobil discovered oil reserves 
roughly 120 miles offshore Guyana's coastline. The com-
pany reported 1.4 to 2 billion barrels of recoverable oil and 
gas (Whitlock 2017). By 2016 the first official petroleum 
agreement was signed between the cooperative Republic 
of Guyana and three multinational oil corporations: Exxon 
Mobil, Hess Corp, and CNOOC Ltd. This agreement stip-
ulated the terms and conditions regarding cost recovery 
and production sharing, taxation and royalties, import du-
ties, etc. (DPI 2019). December 20th, 2019, marked the 
"first oil." The Liza Phase 1 within the Stabroek Block was 
where the first commercial batch of crude oil was produced 
for export  (Blackmon 2019).  
 
As of 2022, there have been five additional oil discoveries 
within the Stabroek Block, bringing the total number of oil 
discoveries to thirty-one (Kulovic 2022) (Reuters 2022). 
Consequently, the estimated barrels of recoverable oil have 
increased to 11 billion (Kulovic 2022). Moreover, in Feb-
ruary 2022, ExxonMobil began producing at Guyana’s 



CARIBBEAN QUILT 
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second offshore development, the Liza Phase 2, bringing 
the total production capacity to roughly 340,000 barrels per 
day (ExxonMobil 2022). It should come as no surprise that 
the country is speculated to become one of the top oil-pro-
ducing nations by 2025 (Bajpai 2020). Lastly, Guyana was 
also projected to be one of the fastest-growing economies 
despite the catastrophic effects of the Covid-19 pandemic 
that ravaged the Caribbean and the rest of the world  
(Bajpai 2020). Based on the current state of the mineral 
and oil industries, they are ideal for assessing the validity 
of the Plantation Economy theory. 
 
3) How The Plantation School of Thought explains the 
current production structure of Guyana’s Oil and Min-
eral Industry  
After familiarizing ourselves with what the political econ-
omy school of thought entails and what Guyana's oil and 
mineral industry looks like. We can examine multiple met-
rics and paradigms to test the theory's applicability. These 
are ownership, industrial linkages, and lastly, export dy-
namics. 
 
The first paradigm of evaluation takes place in the form of 
ownership. Edmonds (2017) states, "the natural resource 
sector across the Caribbean has been dominated by high 
levels of foreign ownership – and the rip and ship extrac-
tion model has not contributed much in terms of meaning-
ful economic development either." These sentiments are 
accurate in both the mineral industries and oil industries 
and mirror the Model III stipulations of the Plantation 
Economy as well as the more general characteristics of the 
school of thought. 
 
In the context of the mineral industry, Best and Levitt 
(2009) point to the role played by international actors and 
agencies in influencing the asymmetric terms of company-
country ownership agreements. These include institutions 
like the IMF and World Bank. Girvan and Girvan (1971) 
cite instances where the World Bank's "recommendations 
or aid have coincided with the interests of the corpora-
tions." One such example occurred in the early 1970s when 
the Canadian-owned company Alcan Aluminum Limited 
sought to promote the usage of World Bank money to re-
solve the dispute it had with the Guyanese government 

(Girvan and Girvan 1971, 384). The contractual agree-
ments between aluminum companies and bauxite countries 
reinforce asymmetric bargaining power, promote exploita-
tive ownership agreements and designate spheres of influ-
ence ultimately to advance MNC interests. 
 
Similarly, in the oil industry, the operation of the Stabroek 
block is divided among three oil companies. Exxon is the 
chief operator with a 45% share, followed by U.S-owned 
Hess Corp with 30%, and China's CNOOC Ltd. Holds 25% 
(Valle 2022). To make matters worse, the agreement terms 
between Guyana and Exxon are abominable and were the 
source of significant controversy. Per the 2016 agreement, 
Guyana is stipulated only to receive 52% of all the oil rev-
enues from the Stabroek bloc, with the remainder being 
split amongst the three companies mentioned above. The 
issue is that Guyana is being blatantly exploited and robbed 
of billions of dollars since most oil licensing deals involve 
the host country receiving anywhere from 65-85% (Car-
penter, Scott; Forbes 2020). The Plantation Economy Fur-
ther Modified (Model III) explains why this happens; 
"when a new natural resource is discovered, or an old one 
is revived, the national economy has neither the capital nor 
the entrepreneurship nor the international experience to or-
ganize production" (Best and Levitt, Essays on the Theory 
of Plantation Economy : a Historical and Institutional Ap-
proach to Caribbean Economic Development 2009, 27). As 
such, we see Guyana accepting deals and offers out of de-
pendence on foreign capital and expertise. In addition, 
these trade deals regarding ownership and revenue alloca-
tion encompass the third and fourth features of the Pure 
Plantation Economy, the Navigation Provision and the 
Metropolitan Exchange Standard, respectively, as seen by 
the metropole or MNCs in this context being directly in-
volved in setting Guyana's terms of trade and how fiscal 
earnings from the industry are distributed. 
 
Moreover, Guyana's oil and mineral industries suffer from 
a lack of inter-sectoral linkages. In Guyana, this would 
look like raw bauxite ore being used as an input in the alu-
minum industry or gold as an input in the local jewellery 
industry. In doing so, considerable cost savings can accrue, 
and both industries can benefit from economies of scale 
once the volume of production increases. In examining, the 



CARIBBEAN QUILT 
2023 VOL. 7 NO. 1 
 

 54 

second feature of the plantation economy or the Musco-
vado Bias is that it requires a simple production structure 
and leaves the actual value-added activities to be con-
ducted by the metropole. This is evident in Guyana's oil 
and mineral industries; their production structures are sim-
ple and entirely extractive of raw materials with minimal 
opportunity for developing industrial linkages. 
 
Unfortunately, when Guyana sought to enact change, the 
country was met with exploitative conditions. For example, 
First Bauxite LLC (FBX) has stated that they will only 
bring an aluminum smelter to the country if given access 
to offshore natural gas from the oil industry (Aluminium 
Insider 2020). These statements were made after the newly 
commissioned bauxite mine at Bonasika in the Upper 
Demerara region was opened, and Guyanese were advo-
cating for a local aluminum plant to establish inter-industry 
linkages. The company cited excuses such as needing af-
fordable and competitive rates for their production process 
to justify their claims (Aluminium Insider 2020). Although 
this arrangement was never formalized due to a change in 
governance, the reality is that it is a ploy to garner greater 
access to Guyana's natural resources. Ultimately with the 
intent of furthering the capitalist agenda that is at the heart 
of many foreign-owned companies operating in the Carib-
bean. 
 
Additionally, regarding export dynamics, countries like 
Guyana "had become structured around the export earn-
ings and fiscal revenues generated by the exploitation of 
mineral resources by foreign companies, characterized as 
mineral-export economies" (Girvan, Caribbean Depend-
ency Thought Revisited 2006, 335). It is evident that asym-
metrical export dynamics exist since Guyana does not re-
fine the hundreds of thousands of barrels of crude oil it ex-
ports, nor does it manufacture aluminum products from the 
bauxite ore it exports. The country is considering "more 
than 10 proposals from foreign companies to build and op-
erate an oil refinery" (James 2021). However, the govern-
ment is extremely cautious about accepting offers, and in 
2021, incumbent President, Irfaan Ali stipulated that any 
attempts to institute a refinery “will have to be done by pri-
vate-sector investors and not the government” (James 
2021). Until the first refinery is in operation, the country 

has virtually no say in where the crude oil it exports gets 
refined. For example, Trinidad has expressed interest in re-
fining Guyana's crude oil, which can mutually benefit both 
Caribbean economies (Guyana Standard 2020). However, 
depending on the terms and conditions of the proposals by 
foreign MNCs, the Trinidad-Guyana refinery agreement is 
unlikely to materialize. Ultimately, these relationships par-
allel the fifth characteristic of the Plantation economy, Im-
perial preference, which stipulates that the hinterland pro-
ducers have no say in how their exports are utilized in the 
metropolitan market.  
 
In conclusion, the Plantation Economy school of thought 
does an excellent job of establishing how the legacies of 
slavery and colonialism shaped the structure of Caribbean 
economies. The theory also coincides with the sentiments 
echoed by scholars like Dr. Walter Rodney (1972), "others 
exploit all of the countries named as "underdeveloped" in 
the world; and the underdevelopment with which the world 
is now preoccupied is a product of capitalist, imperialist 
and colonialist exploitation." Critical theoretical perspec-
tives like Plantation Economy address the Caribbean's 
unique history, and the exploitative relationships that fol-
lowed suit impact how its political institutions operate and 
function under such conditions. We see these same patterns 
perpetuating in Guyana, with foreign MNCs' predatory 
capitalism reinforcing what is deemed “extractive imperi-
alism” (Fischer 2019, 551). The lack of inter-sectoral link-
ages, significant exploitative ownership agreements and 
skewed export dynamics are barriers that reinforce de-
pendency-esque relationships and impede internally driven 
growth. For these reasons, many scholars are weary of the 
resource curse repeating itself in the oil sector, especially 
since the mineral industries like gold and bauxite have not 
brought about substantial economic transformation (Balza 
et al., 2020; Edmonds, 2017). The country still leaves 
much to be desired concerning its oil and mineral indus-
tries, or as Edmonds (2012) states, “everything that glitters 
isn’t green.” 
 
 
 
 
 



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