Thursday, October 24, 2013

Critics worry Cuba is embracing a failed economic model in a bid to bolster foreign investment

Aljazeera, 24 October 2013

Chris Arsenault

Cuba is the latest country to plan a "Special Economic Zone", part of an economic model blasted by critics for creating a "race to the bottom" on wages and corporate taxes.

Raul Castro, Cuba's president, signed law 313 in September creating a special development zone in the port of Mariel, 45km west of the capital, Havana, where foreign companies will be able to transfer their profits abroad without paying the usual taxes or tariffs.

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JG: Cuba's failed economic system is in such a disarray that the island nation may be ready to sell its national sovereignty to the highest bidder. Very sad indeed! The Cuban people continue to vote with their feet, and in record numbers they are leaving the impoverished island. Cuban leaders may have been excellent revolutionaries, but they are very poor economic administrators.

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