The re-opening of embassies by the United States and Cuba, and the measures taken by the Administration of President Obama to move away from a policy of pushing the Cuban government to liberalize its political and economic system to one of opening new opportunities for collaboration between the two governments, have created high expectations—both in […]
Cuba’s Perplexing Changes: Is the Society in Crisis?
The purpose of this paper is to review the main economic problems faced by Cuba and the performance of the Cuban economy in light of the policies adopted by the administration of Raúl Castro since he took over from his brother. Raúl Castro has headed the Cuban government now for six years and it is […]
Cuba’s Membership in the IMF and Other International Financial Institutions and their Possible Role in Promoting Sustainable Economic Growth in Cuba
Notes1 Let me state at the outset that, in my view, to bring about rapid and sustainable growth of the Cuban economy, the flow of direct private capital investment would need to be re-established, and there would need to be a major modernization of the deteriorated capital stock of the country. Years of lack of […]
Where is Cuba Going? Economic Policies that Have Been Adopted and Results Thus Far
Since taking over as ruler of Cuba in 2008, Raúl Castro has adopted a number of economic policies that seek to reverse declining productivity, slow economic growth and serious balance of payments disequilibrium. His government has exhorted citizens to consume less, save more and work harder. In his first speech as president in February 2008, […]
Main Problems Faced by the Cuban Economy and What the Government is Doing to Try to Solve Them
For quite some time the Cuban economy has been facing a number of economic problems. There has been minimal recovery from the near 80% collapse in the population’s real income levels since the suspension of the subsidies provided by the Soviet Union in 1989; in fact, the official wage rate remains at about 25% of […]