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Cuba’s Economic Transition: Successes, Deficiencies, and Challenges

In: Transforming Socialist Economies

Author

Listed:
  • Jorge I. Domínguez

Abstract

Cuba’s economic transition began formally on 23 June 1990 when the Political Bureau of the Cuban Communist Party issued the following statement: ‘The solid stability of the country, together with intelligent policies, attract the confidence of foreign investors and open the way for cooperation in the form of joint ventures. This does not clash with our socialist system; rather it means speedier use of potential resources.’2 Days earlier, on Cuba’s premier beach, Varadero, President Fidel Castro publicly inaugurated the first hotel built jointly between a foreign investor and a Cuban state enterprise since the Cuban government seized all foreign-owned tourist enterprises in 1960. The foreign partners had the funds, management expertise, and marketing skills that Cuban enterprises lacked, he said. Somewhat hesitantly, he added: ‘We do not know how to run a hotel, how to handle tourism and — I don’t know if I should use the word or not — how to make the most money from tourism, how to exploit tourism.’3

Suggested Citation

  • Jorge I. Domínguez, 2005. "Cuba’s Economic Transition: Successes, Deficiencies, and Challenges," Palgrave Macmillan Books, in: Shahid Javed Burki & Daniel P. Erikson (ed.), Transforming Socialist Economies, chapter 2, pages 10-34, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-52259-6_2
    DOI: 10.1057/9780230522596_2
    as

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