Cuba – Taking The First Step Towards Capitalism

Cuba proudly claims the title as one of the last existing communist countries in the world. However, it looks like it is all about to change that in the near future. Earlier this week, this primarily communistic country on a historical move announced that it will implement legal procedures that allow for small to medium businesses in the country.

This historical move was greatly welcomed by economists and business owners, who are all hopeful that this is just the first step towards economic reform. Business owners are now looking to export products to other countries and import wholesale supplies for the first time ever in history. This is sure to change the very nature of privately owned businesses in the country and to aid in the overall economic growth of Cuba.

The Cuban government has offered no other details. However, it appears that these reforms are a part of the business reforms introduced by the current President Raul Castro who took over the reins after his brother, the legend Fidel Castro in 2008. It is to be noted that while the reforms are slow, they have been progressive and allowed around half a million people to be employed by the private sector.