Cuban Economic Policies, 1990-2010: Achievements and Shortcomings

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

This article analyzes Cuban economic policies in the post-Cold War era, with an emphasis on recent developments. It covers macroeconomic performance, sources of growth, economic challenges, reforms under Raúl Castro. During the 1990s, international tourism and remittances replaced the once-thriving sugar industry as the top sources of hard currency for the cash-strapped Castro government. More recently, a productive partnership with Venezuela converted exports of Cuban professional services into the island's main engine of growth and triggered strong macroeconomic performance in 2005-7 before a major liquidity crunch and other problems ushered in a recession. However, Cuba continues to suffer from all the inefficiencies, red tape, and distortions of a state-dominated economy. Albeit significant, Raúl Castro's reforms have yet to address, let alone fix, the fundamental shortcomings of Cuba's socialist system.

Original languageEnglish (US)
Title of host publicationThe Oxford Handbook of Latin American Political Economy
PublisherOxford University Press
ISBN (Electronic)9780199968794
ISBN (Print)9780199747504
DOIs
Publication statusPublished - Nov 21 2012

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Keywords

  • Cuban economy
  • Economic policy
  • Economic reform
  • Raúl castro

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

Cite this

Spadoni, P. (2012). Cuban Economic Policies, 1990-2010: Achievements and Shortcomings. In The Oxford Handbook of Latin American Political Economy Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199747504.013.0007