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Castro’s Screw Up And Cuba's Economic Crisis
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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 takeover, the United States was Cuba's dominant trading partner, accounting fo ....
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....rner essential foreign exchange earnings and Soviet subsidies. Sugar products represented 80% of Cuba's exports between 1920 and 1959 and amounted to 82% of total exports by 1986. Some 78% of Cuba's sugar production went to the former Soviet Union in barter trade with one percent kept for the domestic market and the remainder sold for hard currency.... |
| Word count: 1965 |
Page count: 8 |
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