International Business in Cuba - Running head INTERNATIONAL BUSINESS IN CUBA 1 International Business in Cuba Martha Christine Hamm Athens State

International Business in Cuba - Running head INTERNATIONAL...

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Running head: INTERNATIONAL BUSINESS IN CUBA1International Business in Cuba Martha Christine HammAthens State UniversityMG 352: International BusinessProfessor Laura KernerNovember 30, 2016
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INTERNATIONAL BUSINESS IN CUBA2Table of ContentsAbstract..................................................................................................................................4International Business in Cuba..............................................................................................5The Island of Cuba.................................................................................................................5Geography & Topography.........................................................................................5Climate.......................................................................................................................6The Embargo..........................................................................................................................7The Economy.........................................................................................................................7Post-Soviet Union & Fidel Castro.............................................................................7Governmental Control...............................................................................................8Economic Freedom....................................................................................................8The U.S. Dollar..........................................................................................................9Dual Currency System...............................................................................................10Education...............................................................................................................................10 Telecommunications..............................................................................................................11Religion..................................................................................................................................12 Human Rights........................................................................................................................12Corruption..............................................................................................................................13Business Opportunities & Pitfalls..........................................................................................14Analysis..................................................................................................................................15References..............................................................................................................................16-18Appendix A............................................................................................................................19Appendix B............................................................................................................................20
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INTERNATIONAL BUSINESS IN CUBA3Appendix C............................................................................................................................21
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INTERNATIONAL BUSINESS IN CUBA4AbstractThis paper examines the demographic, cultural, economic, legal, technological and political relationships in Cuba on international business. International business gives firms access to new markets for more opportunity with the hopes of increasing profitability. In Cuba, one of the most prosperous industries, while not well-known to Americans, is tourism. Cuba’s tourism industry serves this Latin American nation well for annual revenues, even though these enterprises are runby the communist government. The dual peso currency system, which creates a double economy and different exchange rates, makes international business rather challenging, especially if exchanging the costly U.S. dollar. While Cuba may fall short of the American standards in many aspects, it ranks highly in some levels of national performance, such as education. As for the political relations between the United States and Cuba, it remains uneasy and is unlikely to change until 21st century updates occur with Cuban policies and governmental controls. Unlocking the unchartered international business ventures in Cuba, while potentially profitable, could be costlier and more problematic than any profitability could support, financially or legally.
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INTERNATIONAL BUSINESS IN CUBA5International Business in CubaVirtually cut off from the world, Cuba is a country with limited access to all things due tocultural, political, and economic unrest and uncertainty. With their abundant beaches and tropicalclimate, Cuba is a 21stcentury country with 20thcentury problems. While the U.S. embargo remains in effect, and the economic situation under constant duress, the country is in need of change. With these changes, comes great sacrifice at the price of the Cuban government, the Republic of Cuba. The Republic of Cuba controls all things within their country, from the penalty of converting U.S. dollars to pesos to the employment of Cubans within international businesses. Underneath this governmental control lies an abundantly successful educational system that defies all the odds of its Central American and Caribbean neighbors. The human rights and telecommunications is that of what is expected of a communist republic, practically nonexistent. While these aspects combine to make a country severely lacking in modern day
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