INTRODUCTION This paper examines one of the most important bilateral issues that will need to be addressed by the United States and a future Cuban Government—the resolution of the outstanding claims of U.S. nationals1 for the uncompensated expropriation of their assets in the early years of the Cuban Revolution. The paper assumes that resolution of […]
Foreign Investment in Cuba: Prospects and Perils
Notes1 One of the few sources of foreign capital available to Cuba is direct foreign investment. Cuba receives virtually no aid from foreign governments or international organizations.2 Cuba is also unable to borrow from multinational lending institutions because of its history of defaults on foreign loans and other factors. 3 The loans that Cuba is […]
Some Issues Raised by Felipe Pazos on Foreign Investment in Cuba During Its Transition to a Free-Market Society
I am honored to have been invited to participate in the panel discussion of the issues raised by Felipe Pazos ten years ago in his seminal paper on economic problems during Cuba’s free-market transition.1 The topic assigned to me is foreign investment. Dr. Pazos wrote as follows with respect to foreign investment in a transition-period […]
Cuba’s Perfeccionamiento EmpresarialLaw: A Step Towards Privatization?
Notes1 On August 18, 1998 Cuba enacted Law-Decree No. 187.2 This law provides the framework for Cuba’s Enterprise Optimization (Perfeccionamiento Empresarial) Program (hereinafter “EOP”).3 This program seeks to establish a foundation and set specific guidelines for a process whose goal is to achieve more efficiency and productivity in Cuba’s state-owned enterprises (“SOEs”). Cuban sources describe […]
The Contribution of BITs to Cuba’s Foreign Investment Program
Bilateral investment treaties (BITs), intended to promote and protect foreign investment, are relatively new but increasingly common instruments in international economic relations.1 According to the specialized agency of the United Nations that tracks international investment, 1,332 BITs had been concluded by the end of 1996.2 While BITs were originally conceived as accords between developed and […]