The Feasibility of Cuban Market Economy: A Comparison with Vietnam

Yamaoka Kanako

No 189, IDE Discussion Papers from Institute of Developing Economies, Japan External Trade Organization(JETRO)

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.

Keywords: Cuba; Vietnam; Transition to market economy; Economic policy; Socialism; Economic crisis; Social policy; Economic reform; State capacity; governance; development strategy (search for similar items in EconPapers)
JEL-codes: P21 P30 (search for similar items in EconPapers)
Date: 2009-01-01
New Economics Papers: this item is included in nep-tra
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Published in IDE Discussion Paper = IDE Discussion Paper, No. 189. 2009-01-01

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