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The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct investment were granted by the 2018 Cuban constitution.
American investment in Cuba during this time was particularly notable, driven by factors such as geographical proximity, economic interests, and political relations. The United States emerged as a key investor in Cuba, with investments flowing into industries such as sugar, mining, tourism, and transportation.
Cuba's labour regulations ultimately caused economic stagnation. Hugh Thomas asserts that "militant unions succeeded in maintaining the position of unionized workers and, consequently, made it difficult for capital to improve efficiency." [126] Between 1933 and 1958, Cuba increased economic regulation enormously. [111]
The Special Period (Spanish: Período especial), officially the Special Period in the Time of Peace (Período especial en tiempos de paz), was an extended period of economic crisis in Cuba that began in 1991 [1] primarily due to the dissolution of the Soviet Union and the Comecon.
The economic situation has led to once-unimaginable public shows of discontent, as well as to the biggest emigrations in Cuba’s history. Almost 425,000 Cubans crossed the U.S.-Mexico border in ...
The most meaningful impact on Cuba that World War 1 had was on its sugar trade as much of the world's European supply was cut off with demand exploding along with profits from the industry. [53] Cuba later ended up signing the Treaty of Versailles. Cuba was a member of the League of Nations and later on its successor, the United Nations (UN).
The fresh regulations come into effect as Cuba navigates its worst economic crisis in decades, with severe shortages of food, fuel and medicine and a record-breaking exodus of its citizens.
Cuba was also affected by perhaps the largest labor union privileges in Latin America, including bans on dismissals and mechanization. They were obtained in large measure "at the cost of the unemployed and the peasants", leading to disparities. [99] Between 1933 and 1958, Cuba extended economic regulations enormously, causing economic problems.