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Cuban Economy Vs Chilean Economy

1662 Words7 Pages

Economics plays a central role in the development, culture, and lifestyle of a country. As countries build stronger economies, they grow in many other aspects of life and gain greater influence in the world’s economy. A country’s economy is influenced in many ways including wars, governments, population pyramids, and many other things. The economies of Cuba and Chile are in very different places and have developed in different ways and at different paces during the last few decades, but there are certain factors that have impacted both of their economies including the way they gained their sovereignty, the governmental styles and policies, and the trade procedures in each country. As a quick overview, Cuba’s economy is not very stable right …show more content…

In 1970, Salvador Allende was elected as the President of Chile and he was a proponent of socialism. He was allies with Fidel Castro, and Castro tried to implement some of his ideas into Chile. Before Allende was made President, Chile had a mostly free-market economy and it had been growing steadily, which we will examine later. But as soon as he was elected President, the economy steadily started tanking until he was forcefully removed from office, and free-marked ideals were put back in place. As is seen in most examples in world history, socialism does not benefit a country’s economy in the long …show more content…

Trade is very influential in the growth and development of a country because of a principle called comparative advantage. Some people think that trade can be bad, because it isn’t being self-sufficient. But often, a specific country or region of the world is far better at making a certain good than other parts of the world, so they should manufacture that good, and trade it for things they aren’t as good at producing. For example, Cuba is not a great place to grow a lot of foods, but they are great at producing sugar cane. If they grow mainly sugar cane, and trade that to another country who is great at manufacturing corn, both countries will benefit. That is why trade is such an important part of a country’s

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