Chapter
Economic Challenges in Cuba
1:39:25 - 1:44:07 (04:42)
The problems in Cuba's economy cannot be solely attributed to American embargoes, but are a result of the central ownership and control of distribution and investment, leading to a fundamental shortage economy. Cubans who are disillusioned become controlled through suppression and it may take years for simple consumer items like refrigerators to arrive due to production constraints.
Clips
Capitalism has a greater productive capacity than it uses because it is demand constrained, not resource constrained.
1:39:25 - 1:41:16 (01:51)
Summary
Capitalism has a greater productive capacity than it uses because it is demand constrained, not resource constrained. This means that putting your money down to buy a product doesn't necessarily mean it will be produced and delivered immediately, as the factory may already be fully constrained.
ChapterEconomic Challenges in Cuba
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The lack of resources and happiness under socialism can lead to suppression and ultimately, Stalinism.
1:41:16 - 1:42:28 (01:12)
Summary
The lack of resources and happiness under socialism can lead to suppression and ultimately, Stalinism. While the concept of freedom can be distorted, it remains a fundamental aspect of a happy society that is lacking under socialism.
ChapterEconomic Challenges in Cuba
Episode#303 – Steve Keen: Marxism, Capitalism, and Economics
PodcastLex Fridman Podcast
The Cuban economy suffers from a shortage economy resulting from central ownership and control of distribution and investment, according to a journalist interviewing an industrial chemist in Cuba.
1:42:28 - 1:44:07 (01:38)
Summary
The Cuban economy suffers from a shortage economy resulting from central ownership and control of distribution and investment, according to a journalist interviewing an industrial chemist in Cuba. The scarcity of goods is felt even in the tourism industry in which locals have to rely on foreign tourists for income.