Evaluation of Economic-Social Performance of Two Socialist Economic Models: Cuba (Central Plan) and China-Vietnam (Socialist Market)

Abstract

This article compares and evaluates performance of two main current socialist economic-social models. One is Cuba’s central plan characterized by state large enterprises predominant over the market and private property, with mild market-oriented structural reforms that are ineffective in generating sustainable socioeconomic development. The other model is the successful Sino-Vietnamese “socialist market,” typified by small, medium, and some large private enterprises and the market, all predominant under a decentralized plan (a guideline rather than a central plan). In this the state regulates the economy and controls the largest enterprises. The article identifies the characteristics of the three countries, addresses potential barriers to comparison, and summarizes a history of the reforms and their five key economic policies in the three countries. It also assesses performance based on a selection of the twenty most relevant and comparable indicators, elaborates a composite average to rank the three countries, and discusses potential methodological issues. The conclusions summarize the results of the comparison, recommend reforms for Cuba based on successful Sino-Vietnamese policies, and outline the research agenda for the future. The article is an important contribution to the fields of comparative economics systems, socioeconomic development, methodology, and Latin American studies.

Keywords

• socialist economic models
• reforms
• China
• Cuba
• Vietnam
• socioeconomic performance
• comparative methodology
• modelos económicos socialistas
• reformas
• China
• Cuba
• Vietnam
• desempeño económico social
• metodología comparative