system was replaced by a heavily socialized economic system. In Havana, Cuban-owned businesses and U.S.-owned businesses were nationalized and today most businesses operate solely under state control.
In Old Havana and throughout Vedado there are several small private businesses, such as shoe-repair shops or dressmaking facilities. Banking as well is also under state control, and the National Bank of Cuba, headquartered in Havana, is the control center of the Cuban economy. Its branches in some cases occupy buildings that were in pre-revolutionary times the offices of Cuban or foreign banks.
In the late 1990s Vedado, located along the Caribbean waterfront, started to represent the principal commercial area. It was developed extensively between 1930 and 1960, when Havana developed as a major destination for U.S. tourists; high-rise hotels, casinos, restaurants, and upscale commercial establishments, many reflecting the art deco style.
Vedado is today Havana's financial district, the main banks, airline companies offices, shops, most businesses headquarters, numerous high-rise apartments and hotels, are located in the area. The University of Havana is located in Vedado
