Cuba—Is the “Special Period” Really Over?

Cynthia Benzing

International Advances in Economic Research, 2005, vol. 11, issue 1, 69-82

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

Keywords: O10; F14; F20 (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1007/s11294-004-7169-6

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