The Cuban Experiment: A 50+ Year Embargo as a Failed Means of Promoting Economic and Political Development
21 Pages Posted: 16 May 2016
Date Written: May 2, 2016
The purpose of this paper is to critically analyze the past and present reasons for the US embargo against Cuba and to call into question its ability to effectively promote economic and political reformation in the future. Unintended consequences of the embargo impose high health and economic costs on average Cubans, while leaving the Castro regime unscathed. Canada and European countries have had substantial success engaging in trade with Cuba, as is evidenced by the growth of the tourism industry and subsequent growth of the economy in recent years. Cuba’s economic growth made possible by its trade with these countries directly preceded improvements in the economic and political institutions in the country. This suggests that institutional reform in Cuba is a product of free trade rather than a prerequisite.
Keywords: International Trade, Cuba, Economic Development, Transition Economies
JEL Classification: F10, F51, O10, P31
Suggested Citation: Suggested Citation