Sir Arthur Lewis Memorial Lecture, Castries, St. Lucia, January 2002.

Revisits Sir Arthur Lewis’s views on foreign investment and technology transfer propounded in his celebrated 1950 article on West Indian industrialisation, in which he expressed confidence that local businessmen would learn the ‘tricks of the trade’ from foreign investors. Research undertaken n the 1970s suggests limited technological spill-overs from foreign direct investement; and the TRIPS agreement in the WTO is designed to preserve the technological advantages of transnational corporations by placing obstacles in the way of technological diffusion. Suggests lessons for the bargaining strategies of Caribbean governments and for esearch and development strategies effort of local businesses.