The Cuban Experiment: A 50+ Year Embargo as a Failed Means of Promoting Economic and Political Development

21 Pages Posted: 16 May 2016  

Tyler A. Francis

Clemson University

Thomas K. Duncan

Radford University - Department of Economics

Date Written: May 2, 2016

Abstract

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

Francis, Tyler A. and Duncan, Thomas K., The Cuban Experiment: A 50+ Year Embargo as a Failed Means of Promoting Economic and Political Development (May 2, 2016). Available at SSRN: https://ssrn.com/abstract=2773693 or http://dx.doi.org/10.2139/ssrn.2773693

Tyler A. Francis (Contact Author)

Clemson University ( email )

101 Sikes Ave
Clemson, SC 29634
United States

Thomas K. Duncan

Radford University - Department of Economics ( email )

P.O. Box 6952
Radford, VA 24142
United States

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