Abstract
In August 1990, Cuba entered what has been called a ’special period in time of peace’ (periodo especial en tiempo de paz), a severe economic crisis triggered by the disruptions in imports of oil and other raw materials from socialist countries. During the special period the Cuban government opened up virtually its entire economy to FDI, emphasizing a rich natural resource base, a well-trained and docile labor force, and a government partner that is willing to make deals that will result in substantial profit margins for foreign investors. This chapter examines Cuba’s development strategy during the special period, focusing on case studies of joint ventures in the tourism, nickel mining, and oil production sectors. It highlights the role of foreign investment in these sectors and sets out some of the environmental implications.
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