Economic Systems of Cuba and Israel
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The paper discusses how although Cuba is considered a communist country, its economy is state-controlled by socialist principles, with outside investments largely restricted (U.S. Department of State, 2007). The paper explains that Cuba had been dependent on the Soviet Union prior to its collapse for government subsidies, as the Soviets would pay above-market prices for Cuban goods, while providing oil to Cuba at below-market rates. The paper further explains that Cuba went into an economic depression after the fall of the Soviet Union, and slowly rebuilt its economy by using some free market measures to obtain food, consumer products, and services.
From the Paper:"Two diverse economies that exist within the global market are Cuba's state-controlled socialist economy, and Israel's capitalist free market economy."
Cite this Comparison Essay:
Economic Systems of Cuba and Israel (2007, December 01) Retrieved June 25, 2019, from https://www.academon.com/comparison-essay/economic-systems-of-cuba-and-israel-134786/
"Economic Systems of Cuba and Israel" 01 December 2007. Web. 25 June. 2019. <https://www.academon.com/comparison-essay/economic-systems-of-cuba-and-israel-134786/>