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The Cuban Conundrum: How to Stimulate Economic Growth with a Dual Currency

March 6, 2018 @ 6:00 pm - 8:00 pm

Cuba and Beyond Series



How can Cuba grow with two currencies with multiple exchange rates and no international legal tender? Cuba’s dual currency challenges the assumed functions of money—medium of exchange; unit of account; store of value; standard of deferred payment—and its ability to discharge the state’s fiscal responsibilities. As a result, not only is the meaning of money uncertain, but also its role as an essential element of the state’s capacity to provide for the welfare of the nation’s citizens and hence legitimize the government.   A prime challenge in Cuba is how to stimulate economic growth sufficient to provide for the basic needs of the population in the face of the impediments posed by a dual currency in terms of the efficient operation of state and private enterprises, domestic and foreign investment, payment of imports and foreign debt, and other basic government obligations while stimulating growth.

Dr. Gabriel Vignoli, is a Lecturer in International Relations at The New School and Associate Director of Columbia University’s Cuba Program. He created and leads the New School’s Cuba International Field Program in Havana—a 9-week intensive research program for graduate and undergraduate students of the greater NYC area. His work focuses on Havana’s informal, illegal and a-legal economy and the ways in which it is re-signifying the meaning of citizenship in today Cuba. He has a doctorate in economic anthropology from The New School and one in Latin American Studies from the University of Calabria (Italy).  He has worked in different capacities for UN, EU, and Italian organizations in Havana, Mumbai, New York City, and Rome.


March 6, 2018
6:00 pm - 8:00 pm
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