A new law in Cuba will allow people to invest in property.
Cuba’s government employs about 80 percent of the workforce, paying wages of just $20 a month in return for free education and health care, and nearly free housing, transportation and basic foods.
Economists and Cuba experts say the new property law will have a profound impact on people’s lives, though probably will not be enough by itself to transform the island’s limping economy.
“This is a very positive step in the right direction toward greater economic freedom and individual and family rights of private property,” said Ted Henken, a professor at Baruch College in New York who has extensively studied Cuba’s economy. “It will immediately increase the personal wealth of millions of Cubans.”
Omar Everleny Perez, lead economist at Havana University’s Center for Cuban Economic Studies, said legalization of the sale of cars and property could help Cubans who want to go into business for themselves acquire seed money.
“These are small things, but they point us toward an economy that is more normal compared to the rest of the world,” he said.
Read more: http://www.miamiherald.com/2011/11/03/2485009/cuba-legalizes-sale-purchase-of.html#ixzz1cm1fY3lr
