During the 1980s and the 1990s, the Cuban international tourism sector expanded at a rapid rate. Annual growth rates during the 1980s averaged 11.9% and the average annual rate of increase during the 1990s was approximately 18% (Espino 1992, 2000). The tourism sector soon became the star performer of the “special period.” At the turn […]

Private property is an indispensable component of individual freedom. Without the right to private property, individuals do not enjoy enough freedoms to pursue their personal interests. Private property is a component of individual wealth. Wealth, in any of its many forms, enhances the ability or choice sets of individuals to achieve their goals. The historical […]

Notes1 Real output growth is a central economic indicator for all policy makers. It defines the business cycle, establishes the timing of recessions, and largely drives discretionary fiscal and monetary policy decisions. The lack of timely reporting of quarterly GDP in some countries presents difficulties in the assessment of current economic conditions, and has fomented […]

On February 24, 2008, Cuba’s National Assembly of People’s Power (ANPP) elected Raúl Castro as the nation’s President. The younger Castro (76 years old at the time) had served as interim President since early August 2006, when older brother Fidel (nearly 80 years old at the time) vacated the post because of illness. This transfer […]