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The Feasibility of Cuban Market Economy: A Comparison with Vietnam

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  • Yamaoka, Kanako

Abstract

In spite of the difficulties incurred by its people, Cuba has maintained a centrallyplanned economy with single party system. On the contrary, Vietnam hasintroduced a market economy under communist rule, and succeeded in generallyimproving living standards. The factors that contributed to the introduction ofVietnamese-style reforms are (1) severe economic crisis, (2) demonstration effectsfrom neighboring countries, (3) poor social policy, (4) initiatives by ex-conservativeleader/s, and (5) weak state capacity. The conditions to sustain high economicgrowth are (1) social sectors familiar with capitalist economics, (2) abundant laborforces with relatively low labor cost, and (3) investment by exiles. This paperanalyzes to what extent Cuba meets these conditions.

Suggested Citation

  • Yamaoka, Kanako, 2009. "The Feasibility of Cuban Market Economy: A Comparison with Vietnam," IDE Discussion Papers 189, Institute of Developing Economies, Japan External Trade Organization(JETRO).
  • Handle: RePEc:jet:dpaper:dpaper189
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    File URL: https://ir.ide.go.jp/?action=repository_action_common_download&item_id=37978&item_no=1&attribute_id=22&file_no=1
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    More about this item

    Keywords

    Cuba; Vietnam; Transition to market economy; Economic policy; Socialism; Economic crisis; Social policy; Economic reform; State capacity; governance; development strategy;

    JEL classification:

    • P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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