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- Economy_of_Cuba abstract "Cuba's economy has a planned economy and a fixed economy, dominated by state-run enterprises which means that the Cuban government oversees it, although there remains significant foreign investment and personal enterprise in Cuba. Most of the means of production are owned and run by the government, and most of the labor force is employed by the state, although in recent years, the Communist Party has encouraged the formation of cooperatives and self-employment.In the year 2000, public sector employment was 76% and private sector employment, mainly composed of personal property, was 23% compared to the 1981 ratio of 91% to 8%. Capital investment is restricted and requires approval by the government. The Cuban government sets most prices and rations goods to citizens. In 2009, Cuba ranked 51st out of 182 with an HDI of 0.863; remarkably high considering its GDP per capita only places it 95th. Public services and transportation in Cuba, however, are second-rate compared to more developed counterparts on the mainland. In 2012, the country's public debt was measured at 35.3% of GDP. At the same time, inflation (CDP) was ranked at 5.5%. Furthermore, in the same year, the economy encountered a 3% growth in GDP.Before Fidel Castro's 1959 revolution, Cuba had an extremely unequal economy, with large capital outflows to foreign investors but the country's economy had grown rapidly in the early part of the century, fueled by the sale of sugar to the United States. The country compared favorably with Spain and Portugal on socioeconomic measures. Furthermore, its income in 1929 was reportedly 41% of the US, thus higher than in some Southern states of the US, such as Mississippi and South Carolina The country has made significant progress towards a more even distribution of income since the Revolution and being placed under economic embargo by the United States. Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to loss of Soviet subsidies and to a crash in sugar prices in the early 1990s. Yet Cuba has managed to retain high levels of healthcare and education.Housing and transportation costs are low and Cubans receive free education, health care, and food subsidies. Corruption is common, although allegedly lower than in most other countries in Latin America. In the book, Corruption in Cuba, Sergio Diaz-Briquets and Jorge F. Pérez-López Servando state that Cuba has institutionalized corruption and that state-run monopolies, cronyism, and lack of accountability have made Cuba one of the world's most corrupt states\".".
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