Cuba Goes Capitalist
In a dramatic attempt by Cuba to shift its nearly bankrupt economy toward a more market-oriented system, the government will lay off more than five-hundred thousand workers.
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“Cuba is one of the last true Communist economic systems in the world, a place where the state dominates nearly all spheres of life. Foreign investment is restricted to joint ventures with the government and limited to some sectors like tourism and oil. After running up a huge current-account deficit in 2009, Cuba has had to cut back sharply on its imports, including critical inputs for agriculture and manufacturing. That has driven down agricultural and industrial production. To save money, Cuba stopped foreign joint ventures from repatriating profits.”
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