Keyword Analysis & Research: cuba command economy origin


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Why is Cuba's economy a command economy?

The government is now slowly incorporating market reforms to spur growth and avoid a huge economic crisis that is approaching, given the actual circumstances related to their allies. So Cuba is a command economy because that’s the way the actual regime wants to keep it, despite the large amount of Cubans that doesn't favor it.

Why does the Cuban government pay its employees in pesos?

Because the Cuban government claims to adhere to a planned command economy, the labor force is employed by the state. Which means that any firm wishing to hire a Cuban must pay the Cuban government, which in turn will pay the employee in Cuban pesos.

What was the first company seized by the Cuban government?

On March 3, 1959, Fidel Castro seized control of the Cuban Telephone Company, which was a subsidiary of the International Telephone and Telecommunications Corporation. This was the first of many nationalizations made by the new government, the assets seized totaled US$9 billion.

What happened to the Cuban economy after 1985?

After 1985, the Cuban economy entered a phase of economic stagnation, leading to the so-called Special Period, while the government managed to maintain and expand education and health systems, as growth rates resumed again.


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