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Cuba—Is the “Special Period” Really Over?

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  • Cynthia Benzing

Abstract

Since 1989, Cuba has struggled to recover from the loss of Soviet trade and subsidies. The Cuban government dubbed the period between 1990 and 1994 “A Special Period in Peacetime” in recognition of the 35% decline in GDP. Instead of restructuring its economy, the Cuban government used a bandaid approach that permitted self-employment, raised prices, legalized the dollar, and decreased government subsidies of state enterprises. Although growth resumed in 1994, the Cuban economy never fully recovered to pre-1989 levels of GDP. This paper discusses the investment, trade, and production problems that continue to plague the Cuban economy. Copyright International Atlantic Economic Society 2005

Suggested Citation

  • Cynthia Benzing, 2005. "Cuba—Is the “Special Period” Really Over?," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 11(1), pages 69-82, February.
    • Handle: RePEc:kap:iaecre:v:11:y:2005:i:1:p:69-82:10.1007/s11294-004-7169-6
    DOI: 10.1007/s11294-004-7169-6
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    References listed on IDEAS

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    1. Jorge F. Pérez-López, 2002. "The Cuban Economy in an Unending Special Period," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 12.
    2. Paolo Spadoni, 2002. "Foreign Investment in Cuba: Recent Developments and Role in the Economy," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 12.
    3. Ritter, Archibald R.M., 2000. "The tax regime for micro-enterprises in Cuba," Revista CEPAL, Naciones Unidas Comisión Económica para América Latina y el Caribe (CEPAL), August.
    4. Ernesto F. Betancourt, 2000. "Cuba's Balance of Payments Gap, the Remittances Scam, Drug Trafficking and Money Laundering," Annual Proceedings, The Association for the Study of the Cuban Economy, vol. 10.
    5. Archibald R. M. Ritter & J.A.Turvey, 1999. "The Tax Regime for Micro-Enterprise in Cuba," Carleton Economic Papers 99-04, Carleton University, Department of Economics, revised 2001.
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    Cited by:

    1. McDonald, David A., 2016. "To corporatize or not to corporatize (and if so, how?)," Utilities Policy, Elsevier, vol. 40(C), pages 107-114.

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    More about this item

    Keywords

    O10; F14; F20;
    All these keywords.

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F20 - International Economics - - International Factor Movements and International Business - - - General

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