Economy, Africa in Diaspora

Like the Cuban government, the Cuban economy operates under socialist principles. There are two parts to the Cuban economy, the socialist peso economy and the foreign market economy. The socialist peso economy pertains to the citizens of Cuba and provides necessities to all Cuban citizens. The government provides free education, and employment, and also provides housing, food, and other essentials at minimal cost to the people. The means of production of the 11 million people living in Cuba is regulated by the government and roughly 75% of workers in Cuba are employed by the state. The dollar currently functions as the primary currency in Cuba. In 1993 the government permitted the use of the dollar and since then its popularity has grown. Unfortunately this has contributed to the growing gap in socioeconomic classes. The strength of the dollar has benefited workers who are paid in dollars.

Recently, Cuba began increasing its participation in foreign markets. Due to the recent economic crisis Cuba has struggled and decided to branch out further into foreign markets. Tourism surpassed sugar exports as Cuba's largest source of foreign exchange in the 1990's and the worldwide economic downfall has crippled this sector in the Cuban economy. Castro is attempting to restructure Cuba's economy by increasing its private sector as well as its involvement in foreign markets.

This picture of sugar cane fields in Cuba represents a dying industry that was the primary export that fueled the economy of Cuba. Cuba was the largest exporter of sugar in the world but unfortunately, it now only accounts for 5 percent of Cuban exports.

Sources
http://cubapolidata.com/wp-content/uploads/2010/05/3292127372_dca76327a4.jpg

http://www.globalpost.com/dispatch/cuba/101115/cuba-economy-reform

http://www.globalsecurity.org/military/world/cuba/economy.htm