Cuba Moving Towards Vietnam's Market Based Economy

Cubas Update of its Economic Model being found on Vietnams Socialist Market Based Economy

Dylan M Clark

The end of the Cold War underscored two important events: the breakup of the socialist camp and the beginning of a new geological era of transition and developing for socialist countries. Nations that had previously benefited from the gains of the Soviet centralized economy were faced with the pressing question of how to survive on their own. Meanwhile, international demand for increased global economic integration was on the rise. The consolidation of the europiuman Union (EU), ongoing discussions concerning the reconcile Trade Area of the Americas (FTAA), and planned negotiations for the Doha Round of the cosmos Trade Organization (WTO), prove that the push for what some exclaim globalization, is intensifying.
In an attempt to participate and benefit from further merged markets, the post-socialist countries have undertaken various reform processes, which have drastically stirred each economy in different ways. One subject is that of the former Soviet Union and Eastern European countries, which thirstily and quickly embraced the doctrine of the working capital Consensus, the set of reforms calling for financial prudence, fiscal discipline, trade and financial liberalization, and privatization.



This case, along with those of Argentina, Indonesia and others, show how the Washington Consensus has failed, for the economies witnessed short-term periods of growth, followed by economic decline.
Learning from Eastern Europes example, Asian countries have adopted a slow-moving approach, which according to some economists, has paid off. Vietnam, in particular, has not real the Washington Consensus as the last word on development and transition. In fact, it has been noted by some that Vietnam has followed more in the footsteps of China, which Joseph Stiglitz cites as a success story of economic reform. disrespect the growing trend among the last vestiges of communism of...If you want to nark a full essay, order it on our website: Orderessay



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