▁default ed ▁on ▁most ▁of ▁its ▁international ▁deb t ▁in ▁ 1 9 8 6 , ▁reducing ▁its ▁access ▁to ▁foreign ▁credit , ▁and ▁from ▁ 1 9 8 9 ▁the ▁support ▁of ▁the ▁Eastern ▁B loc ▁disappeared , ▁causing ▁a ▁ste ep ▁decl ine ▁in ▁the ▁Cub an ▁national ▁product . ▁The ▁Cub an ▁economy ▁was ▁there after ▁sust ained ▁to ▁a ▁large ▁extent ▁with ▁foreign ▁tour ism , ▁foreign ▁rem itt ances , ▁foreign ▁counter - tra de ▁and ▁joint - vent ures ▁with ▁foreign ▁companies . ▁In ▁recent ▁years , ▁there ▁have ▁been ▁a ▁number ▁of ▁pro - market ▁re forms , ▁and ▁attempts ▁to ▁reduce ▁state - b ureau cr atic ▁reg ulation . ▁The ▁modal ▁standard ▁of ▁living ▁and ▁quality ▁of ▁life ▁in ▁Cuba ▁is ▁still ▁among ▁the ▁best ▁in ▁Central ▁and ▁Latin ▁America . ▁ ▁New ▁Left ▁Gener ally , ▁the ▁Western ▁New ▁Left ▁adopted ▁the ▁idea ▁that ▁true ▁social ism ▁would ▁involve ▁the ▁abol ition ▁of ▁the ▁law ▁of ▁value , ▁since ▁comm od ity ▁production ▁would ▁be ▁abol ished ▁– ▁goods ▁and ▁services ▁would ▁be ▁allocated ▁according ▁to ▁need , ▁and ▁primarily ▁according ▁to ▁non - market ▁principles . ▁This ▁re called ▁an ▁idea ▁by ▁Nikol ai ▁B uk har in ▁and ▁Y ev gen i ▁Pre ob raz hens ky ▁in ▁The ▁ABC ▁of ▁Commun ism ▁( 1 9 2 0 ): ▁ ▁John ▁We eks ▁ ▁John ▁We eks ▁has ▁argued ▁that ▁the ▁law ▁of ▁value ▁is ▁unique ▁to ▁an ▁economy ▁based ▁on