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Cuba to legalize small and medium-sized private businesses
Cuba to legalize small and medium-sized private businesses
HAVANA (AP) - Cuba says it will legalize small and medium-sized private businesses, a move that could significantly expand the space allowed for private enterprise in one of the world's last communist countries. Communist Party documents published Tuesday say a category of small, mid-sized and "micro" private business is being added to the party's master plan for social and economic development.
ap.org




Wow! This is very welcome news. Until now, most of Cuba's economy has been black market. Clearly, the US decision to start normalizing diplomatic relationships was a good one. Washington should go tit for tat and start easing up on the trade embargo so that these new private businesses can import the capital goods they need. Hopefully Cuba can handle the transition to a freer economy better than China did, but I'm not particularly optimistic about that.