¡Viva la revolución del mercado libre! If you missed tenth-grade Spanish class, this translates into: “Long live the free‑market revolution!” Cuba, the left’s oft-described socialist paradise, is ostensibly embracing free-market economics – but not because leaders in the island nation read Free to Choose or Economics in One Lesson. Officials are implementing sweeping reforms out of necessity to prevent further collapse and a potential US-led regime-change operation à la Venezuela. Skepticism is warranted.

Cuba Flirts With Markets

Cuban President Miguel Díaz-Canel unveiled a package of economic reforms earlier this month, telling the media that it is now “time to change” and that the country “simply cannot continue on its current course.” His comments come as the island suffers widespread power outages and food insecurity due to the US oil blockade, though its problems have been widely documented for years.

The 175 transformational reforms include privatizing state-owned enterprises, allowing private banks to enter the financial sector, and decentralizing economic decision-making. Most importantly, the Cuban government will adopt market pricing and reduce government subsidies. Put simply, it is about building and attracting capital from all over the........

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