Monetary Problems of an Export Economy the Cuban Experience, 1914-1947

Monetary Problems of an Export Economy the Cuban Experience, 1914-1947

Monetary Problems of an Export Economy the Cuban Experience, 1914-1947

Monetary Problems of an Export Economy the Cuban Experience, 1914-1947

Excerpt

This volume contains a study of Cuban monetary experience during the period from 1914 to 1947. The events are interesting even from a purely historical viewpoint; the main purpose of the study, however, is to examine, in the light of this experience, the working of monetary forces in an "export economy."

Cuba, with its almost exclusive reliance upon sugar exports, exhibits in an extreme form some of the problems peculiar to many export economies that have not yet achieved advanced economic development. These countries account for a sizable share of the world's population and resources. Their economic development not only is the foremost preoccupation of their own governments, but has also become the announced policy of the United States. Toward the understanding of the special problems and needs of such export economies, the present volume endeavors to make a modest contribution.

With this aim in mind, I have divided the study into two major sections, one descriptive and historical, the other analytical. The first section (Chapters I-XI) begins with an over-all appraisal of what the Cuban economy is and what it does, and proceeds to review Cuban monetary events and policies since 1914. Interest here centers chiefly upon the consequences, good and bad, of Cuba's lack of an independent monetary system. Particular attention is given to the nature of the policy alternatives that under these circumstances presented themselves to the monetary authorities at various times.

The second half of the book (Chapters XII-XV) is largely analytical. It discusses the forces that govern the Cuban economy and attempts to bring modern economic analysis to bear upon the peculiarities of a monocultural export economy. Particular attention is devoted to the processes of cyclical expansion and contraction, to the mechanism of balance of payments adjustment, to the potential effects of exchange rate variation . . .

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