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Economic Policies And Their Impact - Coggle Diagram
Economic Policies And Their Impact
all worker would recieve equal pay, and overtime wouldnt be payed for
he also believe people should work for ideals and values
they also had planns to increase productivity but lacked specialized personnel and technicials
Che guevara favored a centrally planned economy with emphasis on moral incentives and self sacrifice
the embargo that the USA had on cuba caused caban reliance on the USSR
castro planned to diversify the economy so they wouldnt be as dependent on the sugar
this was soon proved to be a failure as they werent as marketable as sugar, this was also due to the breaking ties with the USA
he aimed to make cuba socially independent
the moral incentive had included as centrally planned economy and a socialist emulation
cuba didnt posses the economic freedom to diversify, as they only had the financial backing of the USSR
these actions to diversify had led to the destruction of the sugar cane
Economic Reforms
cuts were made to imports
Rationing was introduced
rents were lowered and wages were increased
Sugar industry nationalized
Economic Problems
sugar refiners were unable to mordernize the industry
most industrial managers had chosen to leave cuba after Batistas defeat
the sugar industry suffered a signficant shrinkage
production of sugar fell frm 60% to 35%