A Perfect Impasse? Cuba's Move Towards the Market and the United States' Move Towards Cuba. (February 2017)

• Record Type: Journal Article
• Authors: Wilkinson, Stephen
• Is Part Of: Economic affairs. Volume 37:Number 1(2017)
• Page Start: 19
• Page End: 35
• Publication Date: 2017-02
• Subjects: Cuba -- economic sanctions -- economy -- embargo -- United States; Great Britain -- Economic policy -- 1945-1964 -- Periodicals; Great Britain -- Economic conditions -- 1945-1964 -- Periodicals; Economics -- Periodicals; 330.9
• DOI: 10.1111/ecaf.12221
• Languages: English
• ISSNs: 0265-0665

Abstract

Abstract: This article first analyses the internal economic trajectory of the Cuban economic reforms and evaluates their effectiveness in delivering the extensive and intensive development needed to correct Cuba's structural and economic imbalances. It concludes that without the lifting of the US economic sanctions success will at best be only partial, with serious implications for long‐term stability. The article then evaluates the reasons for the US economic sanctions against Cuba and argues that while the embargo policy might have failed to topple the Cuban communist regime, it has served other, largely unacknowledged, purposes that are important in explaining why the policy has persisted. The article concludes by suggesting that the US is not likely to jettison the sanctions regime while Cuba's single‐party, state‐led economic system remains. At the same time, Cuba is not likely to jettison its single‐party system while the sanctions remain.