The basic hypothesis of an export-led model is that if an undeveloped country possesses a competitive advantage a cumulative process can be started; growth in exports and growth in output, and this can support rapid development. This process is normally nourished by foreign capital. But there may be circumstances which prevent a country from receiving large flow of capital. In this case it has to rely on ‘its own strength’, and it may be that economic development becomes impossible. The Cuban economy seems to confirm this, unless it is possible to activate difficult policies aimed at supporting domestic productivity and improving the quality of exports.
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Paper provided by Department of Economics, Parma University (Italy) in its series Economics Department Working Papers with number
2000-EP03.