The Economy of Cuba
Cuba at a Glance
Cuba is a Caribbean island with a centrally planned economy, high education and health outcomes, and chronic shortages.
Cuba has around 10 million people and one of the last centrally planned economies in the world.
Achievements
Near-universal literacy, free health and education, and a large number of doctors per capita.
Constraints
Low productivity, shortages, ageing infrastructure and limited foreign exchange.
Model
The state owns most large enterprises and sets most prices, with a small but growing private sector.
A ration book
Households receive subsidised basic goods through the libreta, though quantities have been shrinking.
Assuming Cuba is uniformly poor or uniformly successful
It has strengths and deep problems.
Key takeaways
- Cuba is a planned economy.
- Health and education are strengths.
- Shortages are chronic.
- A small private sector exists.
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