ABSTRACT

In addition to a country's national income, the strength of its monetary system and the vibrancy of its trade activities are excellent indicators of its overall macroeconomic health and level of development. Wealthier countries have greater levels of financial assets per capita than less wealthy countries. They also tend to have higher levels of foreign reserves per capita. Similarly, economies that are strong and structurally sound will tend to have a more stable currency than less robust economies. In the case of trade, it is also well established that open economies are generally more advanced than those that are less active participants. The stronger economies will have a greater national income with which to import and a greater number of competitively advantaged industries from which to export. This chapter demonstrates that, with regard to both the strength of its monetary system and the vibrancy of its trade activities, Cuba's metrics placed it among the most developed nations in the world.