Menu
Sign In Search Podcasts Charts People & Topics Add Podcast API Blog Pricing

Erika Barris

👤 Speaker
1329 total appearances

Appearances Over Time

Podcast Appearances

Planet Money
Dark times for Cuba’s economic experiment

At this point, Cuba was 100 percent fully communist.

Planet Money
Dark times for Cuba’s economic experiment

Everyone was employed by the government.

Planet Money
Dark times for Cuba’s economic experiment

The government appointed people to jobs.

Planet Money
Dark times for Cuba’s economic experiment

It set wages and it owned and controlled everything.

Planet Money
Dark times for Cuba’s economic experiment

The Cuban government now owned the tobacco and sugar industry.

Planet Money
Dark times for Cuba’s economic experiment

And to get the other things it needed, especially oil, it relied on its most powerful communist compadre, the Soviet Union.

Planet Money
Dark times for Cuba’s economic experiment

The Soviets bought Cuban goods for more than they were worth and sold Cuba oil for less than it was worth.

Planet Money
Dark times for Cuba’s economic experiment

And for a few decades, yeah, it worked.

Planet Money
Dark times for Cuba’s economic experiment

Cuba was poor, but collaboration with the Soviets kept it going.

Planet Money
Dark times for Cuba’s economic experiment

Like shelter?

Planet Money
Dark times for Cuba’s economic experiment

With help from the Soviets, Cuba developed a strong health care and education system.

Planet Money
Dark times for Cuba’s economic experiment

But in 1991, Cuba lost its key compadre.

Planet Money
Dark times for Cuba’s economic experiment

The Soviet Union broke up and stopped being communist.

Planet Money
Dark times for Cuba’s economic experiment

And this was devastating for Cuba.

Planet Money
Dark times for Cuba’s economic experiment

This period in the early 90s was called the special period, which makes it sound good special, but was actually terrible.

Planet Money
Dark times for Cuba’s economic experiment

There was less food.

Planet Money
Dark times for Cuba’s economic experiment

Cuba's GDP sank by 35 percent.

Planet Money
Dark times for Cuba’s economic experiment

People were suffering, fleeing, some people even making rafts out of whatever they could find and trying to float to the U.S.,

Planet Money
Dark times for Cuba’s economic experiment

By that time, Ricardo had gotten his hands on an old Soviet economics textbook that extolled the virtues of communist countries and highlighted the inequalities of capitalist ones.

Planet Money
Dark times for Cuba’s economic experiment

But young Ricardo was wondering, OK, well, why did the Soviet Union break up and ditch communism if it was so great?