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Castro’s Screw Up And Cuba's Economic Crisis
Part one of term paper
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, accounti ...
Part two of term paper
... and the subsequent US trade embargo, Cuba had to turn to its socialist allies. Between 1960 and 1990 the island received economic assistance totaling approximately $45 billion from the former Soviet Union and its allies (including military aid.) In 1972, Cuba became a member of the former Soviet bloc's Council on Mutual Economic Assistance (CMEA) and underwent major structural changes to adapt its trade and industry to the new relationship. By 1987 CMEA countries accounted for over 85% of Cuban tr ...
Word count: 1965 | Approximate pages: 8
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