Castro Economic Policy

Nationalization of Industries

Castro's policy of taking control over major industries to eliminate foreign control and redistribute wealth.

Agrarian Reform

Land redistribution policies aimed at breaking up large estates and distributing land to peasants to address land ownership inequality.

Centralized Planning

An economic system where the government controls production, distribution, and pricing to direct resources towards national priorities.

Trade Relations with Soviet Bloc

Cuba's shift in trade relations towards the Soviet Union and other communist countries for economic support and markets.

Healthcare and Education Investments

Increased funding in healthcare and education to ensure accessibility for all Cubans, improving health indicators and literacy rates.

Economic Challenges

Issues faced by Cuba, including shortages of goods, lack of diversification, and dependence on sugar exports.

Dual Currency System

A monetary system in Cuba involving the Cuban Peso (CUP) for local transactions and the Cuban Convertible Peso (CUC) for tourism, causing economic distortions.

Limited Private Enterprise

Restrictions on private business and entrepreneurship that hindered economic growth and innovation in Cuba.

Tourism Development

Promotion of tourism as a foreign exchange source, leading to infrastructure development and concerns over social and economic disparities.

Impact of the Soviet Union's Collapse

The adverse effects on the Cuban economy post-1991 due to the collapse of the Soviet Union, highlighting economic vulnerabilities.