Economy
Cubans harvesting sugar cane
In the 1940’s and 50’s pre-Castro, Cuba had a stable economy and the standard of living was generally pretty high.
In the 1950’s, Cuba ranked third in Latin America for per capita food consumption, and they produced an average of 5.63 million metric tons of sugar per year.
During this time, Cuba’s general production was strengthened by foreign investment, particularly from the United States. In 1958, the value of U.S. investment was $861 million - equivalent to more than $3.6 billion in today’s economy.
By1958, Cuba had gold and foreign exchange reserves, totaling $387 million at the time ($3.6 billion today).
According to a U.S. Department of Commerce analysis (1956), Cuba was "the most heavily capitalized country in Latin America" and its "network of railways and highways blanket the country.
There was, however, a large gap between the standard of living in urban and rural areas.
In the 1950’s, Cuba ranked third in Latin America for per capita food consumption, and they produced an average of 5.63 million metric tons of sugar per year.
During this time, Cuba’s general production was strengthened by foreign investment, particularly from the United States. In 1958, the value of U.S. investment was $861 million - equivalent to more than $3.6 billion in today’s economy.
By1958, Cuba had gold and foreign exchange reserves, totaling $387 million at the time ($3.6 billion today).
According to a U.S. Department of Commerce analysis (1956), Cuba was "the most heavily capitalized country in Latin America" and its "network of railways and highways blanket the country.
There was, however, a large gap between the standard of living in urban and rural areas.
