Corporate Governance and Accountability in Cuba: The Case of CIMEX

Authors: Joseph Scarpaci*, Center for the Study of Cuban Culture + Economy
Topics: Economic Geography, Business Geography, Latin America
Keywords: governance, socialism, central planning, Cuba
Session Type: Virtual Paper
Day: 4/7/2021
Start / End Time: 3:05 PM / 4:20 PM
Room: Virtual 30
Presentation File: No File Uploaded

The literature on corporate behavior in the socialist realm diminished greatly with the collapse of the former USSR, the Soviet bloc, and the Council on Mutual Economic Assistance. Publicly held corporations in the centrally planned economies of Cuba, North Korea, China, and elsewhere still wield considerable clout, despite the lack of full transparency in assessing their performance. This paper examines the case of Cuba's largest corporation (sociedad anĂ³nima), the 40-year old CIMEX, administered by Cuba's Ministry of Foreign Trade and Investment. It traces the rise of the firm's salience in recent years, its challenges in grappling with Cuba's dual monetary system, stakeholders, relationships with civil society, and the obstacles and opportunities the firm portends in a post-Castro or post-Trump era.

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