The Embargo Against Cuba
The US implemented an embargo against Cuba in the 1960s. After, it became apparent that they failed with their objective. They attempted to revoke the revolution in order to uphold the status quo that served their financial interests.
01) What does an embargo mean?
An official ban on trade or other commercial activities on an international level. Essentially, top tier sanctions denying imports and exports (officially).
"An embargo is a trade restriction. Typically adopted by a government, a group of countries, or an international organisation as an economic sanction. Embargoes can stop all official trade. Or it can be specific to certain transactions, such as arms imports."
02) Impact of the embargo on Cuba?
The US sanctions have severely restricted economic growth and development. This highlights the priority purpose of sanctions. Decades of financial restrictions cannot be overlooked as foreign policy errors. The intentions are visible in front of the world. A report in 2020 by Cuba presented to the United Nations reveals a harsh reality. "Cuba stated that since being implemented, the total cost of the US embargo is $144 billion."
The economic impact alone is devastating. Moreover, there are other factors that must be considered. The embargo has increased the cost of living and basic essentials. In addition, it increases the cost of medical supplies and treatments.
03) Why does the embargo exist?
Before Fidel Castro came to power (1959), the US corporations controlled directly or indirectly every sector and industry. Cuba’s utilities, railroads, natural resources, agricultural lands (including farming, distribution, and most importantly pricing), timber, tobacco, oil, mining, etc.
You get the picture. For all intents and purposes, the entire country was controlled by a foreign "power." For a nation to be sovereign, it must determine its own policies and control its own resources. It must be able to serve its own interests and create the circumstances necessary for its own prosperity.
04) Is the embargo against Cuba active? (And more importantly, why?)
"In February 1962, President Kennedy proclaimed an embargo on trade between the United States and Cuba and ordered the Departments of Commerce and the Treasury to implement the embargo." (Which remains active today.)
Most political analysts and commentators agree that the primary purpose of extending US hegemony backfired. Cuba has endured over 60 years of US trade restrictions and has not capitulated. The initial purpose of inciting regime change by attempting to bankrupt the nation failed. The strength, management, and resilience of the Cuban revolution were underestimated.
To understand the failure of the embargo, one must appreciate the value of independence and financial sovereignty. The kind of democracy that is exported by the US has a very high price.
_________________________________________
The embargo is maintained through measures such as:
- Trading with the Enemy Act of 1917
- The Foreign Assistance Act of 1961
- The Cuban Assets Control Regulations of 1963
- The Cuban Democracy Act of 1992
- The Helms–Burton Act of 1996
- The Trade Sanction Reform and Export Enhancement Act of 2000
