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Cuba's Road to Serfdom
It is important not to lose sight of the basic fact that as compared to the cost that Cuba imposes on itself by restricting freedom of contract and private ownership, the potential effect that the US embargo has on the Cuban economy is negligible. Official figures show that foreign investment in Cub...
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Published in: | The Cato journal 2001-01, Vol.20 (3), p.425-430 |
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description | It is important not to lose sight of the basic fact that as compared to the cost that Cuba imposes on itself by restricting freedom of contract and private ownership, the potential effect that the US embargo has on the Cuban economy is negligible. Official figures show that foreign investment in Cuba since 1990 has been substantially smaller than the amount sent by Cuban-Americans in the form of remittances and other assistance permitted by loopholes in US sanctions. Even if the US embargo were lifted, the low returns of capital resulting from the mismanagement of the economy under the Castro regime would not lead to any major capital inflows. With so many investment opportunities available in the developed and developing world, Cuba is just one more capital-hungry country competing for funds. It is important not to lose sight of the basic fact that as compared to the cost that Cuba imposes on itself by restricting freedom of contract and private ownership, the potential effect that the US embargo has on the Cuban economy is negligible. |
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Official figures show that foreign investment in Cuba since 1990 has been substantially smaller than the amount sent by Cuban-Americans in the form of remittances and other assistance permitted by loopholes in US sanctions. Even if the US embargo were lifted, the low returns of capital resulting from the mismanagement of the economy under the Castro regime would not lead to any major capital inflows. With so many investment opportunities available in the developed and developing world, Cuba is just one more capital-hungry country competing for funds. 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journal</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext_linktorsrc</fulltext></delivery><addata><au>Seiglie, Carlos</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Cuba's Road to Serfdom</atitle><jtitle>The Cato journal</jtitle><date>2001-01-01</date><risdate>2001</risdate><volume>20</volume><issue>3</issue><spage>425</spage><epage>430</epage><pages>425-430</pages><issn>0273-3072</issn><eissn>1943-3468</eissn><coden>CAJODC</coden><abstract>It is important not to lose sight of the basic fact that as compared to the cost that Cuba imposes on itself by restricting freedom of contract and private ownership, the potential effect that the US embargo has on the Cuban economy is negligible. Official figures show that foreign investment in Cuba since 1990 has been substantially smaller than the amount sent by Cuban-Americans in the form of remittances and other assistance permitted by loopholes in US sanctions. Even if the US embargo were lifted, the low returns of capital resulting from the mismanagement of the economy under the Castro regime would not lead to any major capital inflows. With so many investment opportunities available in the developed and developing world, Cuba is just one more capital-hungry country competing for funds. It is important not to lose sight of the basic fact that as compared to the cost that Cuba imposes on itself by restricting freedom of contract and private ownership, the potential effect that the US embargo has on the Cuban economy is negligible.</abstract><cop>San Francisco, Calif</cop><pub>Cato Institute</pub><tpages>6</tpages><oa>free_for_read</oa></addata></record> |
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subjects | 1130 1210 1300 9130 9173 American dollar Cold War Communism Cuba Economic conditions Economic policy Economic theory Embargo Embargoes & blockades Employment Experimental/theoretical Foreign exchange rates Foreign investment Foreign investments Foreign policy Foreign relations Hispanic Americans Humanitarianism International aspects International trade & foreign investment Labor market Latin America Loopholes Political economy Politics Politics & political behavior Remittances Sanctions Sanctions (international law) Studies Tax rates United States Wages & salaries Workers |
title | Cuba's Road to Serfdom |
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