Back in 2014, I compared the long-run economic performance of Cuba and Hong Kong.
Both jurisdictions were roughly equal about 60 years ago. But the data show a dramatic performance gap ever since the communists took power in Cuba, with Hong Kong (which was very pro-market back then) enjoying much bigger increases in prosperity.
Sadly, not much has changed in Cuba since I wrote that column.
The communist dictatorship is still there, and the economy is still socialist (notwithstanding even Castro admitting its failure).
And this means ongoing misery for ordinary people.
. . .
Some defenders of Cuba blame the hardship on the United States, which imposes considerable restrictions on trade and tourism with Cuba.
I’m always happy when people recognize the downside of trade barriers, but blaming Cuba’s economic misery on the partial embargo is akin to a football team blaming its field goal kicker after getting shut out, 56-0.
Virtually all economists, including left-leaning ones, agree that bad Cuban economic policy is what’s causing deprivation and suffering.
. . .
Communism has always attracted dupes and apologists. In the case of Cuba, that list includes Bernie Sanders, Nicholas Kristof, and Nikole Hannah-Jones. And maybe we should add Jeffrey Sachs and some environmentalists to that list as well.
Random stuff I find interesting and you may not.
