8/03/2004

Weekend at Fidel’s

Cuba’s economy is continuing down the cliff as it strives to reach bottom. Cuba has reluctantly allowed some capitalism into its economy by way of foreign investment. Then the government makes it difficult to truly allow it to work. The disaster is now “irrevocable” is a piece on the Economist.com website detailing the current woes of the Cuban economy. The article states that, “The Cuban ministry for foreign investment has held a series of meetings with European businessmen to try to iron things out. But the minister, Marta Lomas, made it clear that Cuba was not about to change its spots. “You know the rules when you get here,” she told her audience. President Fidel Castro, too, has always made it clear that he will not let such paltry matters as economic growth dilute the purity of his revolution. Makes one wonder if Fidel is really still alive or Cuban’s are re-living the Weekend at Bernie’s movie and driving around with him propped up in the back of their car until they can figure out how to come up with a way to revive the economy.

10 comments:

Boris said...

The revolution is over for Cuba. How does Fidel expect to get anywhere whithout an economy? And how is a little place like Cuba supposed to survive without foreign investment?
I agree with the weekend at Bernie's theory.

metromut said...

Cuba must not want to be a successful country because without foreign investment, how are they going to make any progress? Such a small place could have a hard time existing without outside help.

james said...

At one point Russia was the biggest supporter of Cuba. You would think that Cuba would get a clue that communism does not work. If Russia with its resources could not make a go of it, what makes Cuba think that it has a chance.

Senator Miller said...

Whoever thinks that economic freedom doesn't contribute to growth and GDP hasn't looked at Cuba's condition. They could easily use their resources and trade with nearby countries (like us), to make themselves much better off. I laughed at the Weekend at Bernies thing. Thats some good economics boys.

Lizzie said...
This comment has been removed by a blog administrator.
Lizzie said...

One way Cuba can generate funds for investment is from external savings, either foreign aid or foreign investment. Fidel needs to realize that the easiest way to finance development is with foreign aid. The problem for Fidel, I guess, is that with the aid comes strings that are attached… and he doesn’t want those strings.

C-Dizzle said...

Cuba is cutting their own legs off by not being involved in the world around them. Fidel talks about revolution in his country...what revolution? The revolution of driving his country into the ground. Well, if he thinks that is a revolution, someone needs to tell him it's already been done before by several dictators before him. He needs to pick a new revolution that will help his country grow. I wonder what Fidel thinks about the people fleeing his country on rubber rafts? Does he just think they're out for a joyride on the ocean?

kamm said...

The Cubans would be crazy not to start making lots of foreign investments. Not only would it bring in lots of supplies they don't have yet, it would also open many windows of opportunity for their citizens to work. If they get involved as a good foreign trade market, other countries may want to manufacture some of their products in Cuba. This would produce more jobs for the Cubans and boost their economy.

Dr. Tufte said...

My personal opinion on this is that Castro deserves the death penalty for crimes against humanity.

My professional opinion on this is that Castro deserves the death penalty for crimes against humanity. Recall what I said in class about politicians who choose policies that lead to needless deaths of their constitutents.

Anonymous said...

What's really sad, is that there are economics professors at the University of Utah who will tell you with a straight face that Fidel Castro is a great man because of his policy choices.