Renee Monzon


On February 24, 2019, Cuba adopted a new Constitution.1 The new Constitution formally recognizes private-property ownership. From the beginning of Socialism’s impact on Cuba, private-property ownership had been legally abolished until Fidel Castro stepped down from power in 2008.2 This new Constitution shows a departure from the socialist grasp on the economy. Cuba likely recognizes that private-property ownership is fundamental to economic growth in capitalist countries and now seeks to benefit from the growth that accompanies a system of private-property rights. Cuba is not the first socialist country to embark on a process of property privatization. This paper will look at how postcommunist countries have implemented property rights in the past and apply the prevailing economic theories to the process Cuba is going through now.