Castro’s Screw Up And Cuba's Economic Crisis

Part I of Essay
Before Fidel Castro took power on January 1, 1959, Cuba ranked third in per capita income among Latin American nations, behind Argentina and Venezuela. The island's economy was agriculturally based, with sugar, tobacco and citrus as the principal crops. Before Castro's tak ....

Part II of Essay
.... to adapt its trade and industry to the new relationship. By 1987 CMEA countries accounted for over 85% of Cuban trade despite new bilateral accords signed with many countries including Colombia, Mexico, Spain and Venezuela. Although Cuba's revolutionary leaders had intended to pursue a policy of economic diversification, they quickly had to abandon this approach. Instead, the government emphasized increased sugar production to garner essential foreign exchange earnings and Soviet subsidies. Sugar products represented 80% of Cuba's exports bet ....