With rapid changes taking place in the global trading environment, there has been concern within several international arenas and academia about the future of small developing countries (SDCs). Although the discussion relating to the effects of country size on economic growth and development began in the early 1960s with the publication of Kuznets' (1960) article and Demas' (1965) monograph, there has been a recent flurry of writings on small developing countries in the context of the new global order. For example, the World Bank in collaboration with the Commonwealth Secretariat (2000) undertook a major study of small states and their ability to meet the challenges of a changing global economic environment. Kennes (2000) and Salvatore et al. (2001) have also analyzed the challenges and opportunities facing small countries in the global marketplace. The Commonwealth Secretariat had previously arranged two expert panels to examine the vulnerability of small states in a global society and also the future of small states in overcoming their vulnerability (see Commonwealth Secretariat, 1985, 1997).