Notes1 The question of remittances from persons of Cuban descent living outside of Cuba to their relatives on the Island is one of the most contentious in the Cuban- American community. Even if the economic and political impact on Cuba of remittances were not significant—and I believe they are—the important role they play in the […]
The Effect of Socialism on the Entrepreneurial Abilities of Cuban-Americans
The transformation of centrally planned economies into market economies has met with varying degrees of success. In several countries the process of economic reform has not gone very far or it has stalled, and in some instances it is even in danger of being reversed. [ref]Even in Russia itself, the main challenger to Yeltsin in […]
Restitution vs. Indemnification: Their Effects on the Pace of Privatization
All former communist countries undergoing transitions to market economies have faced the difficult question of whether or not to compensate those whose property had been confiscated by the previous, now deposed, regime. If a country determines that it will give compensation, it must then decide who will be eligible, how much compensation will be given, […]
Institutional Requirements for Successful Market Reforms
As the title of my paper suggests, my comments will focus on institutions. Specifically, I wish to emphasize that what we refer to as an economic system is a set of institutions, so that economic restructuring essentially involves institutional change. In this paper I will discuss some of the institutional requirements of a market economy […]
The Political Economy of State-Owned Enterprises
In this paper we wish to explain certain “stylized facts” of the Cuban economy, both past and present, as well as outline certain features which will be prevalent during a transition to a market economy with private property rights. We employ a “new political economy” or “public choice” framework to understand the effects that economic […]