The Economic Quest for the Development of Cuba Essay -- Essays Papers

The Economic Quest for the Development of Cuba Introduction: To state lightly, Americans generally frown upon communist countries. Though there are the obvious grievances of political and ideological differences that will not be discussed in this paper, the opinions with respect to the economy have also sparked heated discourse. Those that are capitalists feel that without a free market and the power of the invisible hand, the economy will not be efficient and eventually crumble. And in most cases, this assumption was true in the twentieth century. But with Cuba, a red country, communism may not be the major factor to blame at the present. Some feel Cuba has not focused enough on industrial growth, while others say it is the lack of physical capital combined with Cuba ´s inability to attract foreign direct investment. Yet most agree that as a small third world country in today ´s global economy, Cuba is facing many challenges to keep up with the pace of the world. In spite of its current condition, this country still has significan t economic potential. In reality, it is quite astounding to look upon Cuba and what this small country has had to encounter in the past fifteen years. At the start of the 1990 ´s, an economic crisis struck Cuba. When the Soviet Union collapsed and the socialist bloc disappeared, Cuba, being heavily reliant on this alliance, suffered immense economic consequences. The Soviet Union was Cuba ´s trading partner and vital contributor through investments, provision of resources and technology. Because of their socialist relationship, eighty-five percent of Cuba ´s trade[,...] including sugar and citrus fruit [was with the Soviet Union, while at the same time] eighty-eight percent of Cuba ´s i... ...d the Development Prospects of Cuba. Developing Prospects in Cuba: An Agenda in the Making. London: Institute of Latin American Studies, 2002. Monreal, Pedro. Export Substituition Reindustrialisation in Cuba: Development Strategies Revisited. Developing Prospects in Cuba: An Agenda in the Making. London: Institute of Latin American Studies, 2002. Oficina Nacional de Estadisticas (ONE) (1999), Anuario estadistico de Cuba 1998 (Havana). Oficina Nacional de Estadisticas (ONE) (1999a), Anuario estadistico de Cuba 1998 (Havana). Saney. Isaac. Cuba: A Revolution in Motion. Ed. Brenda Conroy. London: Fernwood, 2004. Snow, Anita. Cuba ´s economic growth slows. Associated Press. 21 December 2002. Academic Universe. 22 Jan. 2005 . Taylor, John. Economics: Fourth Edition. Ed. Jean L. Woy. Boston: Houghton Mifflin, 2004.