This blog contains posts and comments written by students in Dr. Tufte's economics classes at Southern Utah University.
3/06/2008
Cuban Embargo Outdated?
This article discusses Cuba's economy. While still suffering from poor conditions for most people, its economy grew at 7.5% in 2007. It has untapped oil reserves, tourism and medical tourism as sources for future growth. Canada, Spain and China are investing in Cuba. Our embargo is a relict. We have found that one of the best ways to "Americanize" a country is to open the country to trade. Our culture is popular, especially with young people. With the embargo in place, businesses miss out financial opportunities, and the country misses an opportunity to turn a local "enemy" into a "friend".
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3 comments:
I think that it is usually better to open the doors to trade and have more friends than enemies.I think that America and Cuba could have a positive outcome from trade.
No doubt trade between Cuba and America would be beneficial. The only problem is that as long as there is a Castro in charge of Cuba I don’t see the U.S. government breaking tradition and ending this trade embargo. What this is seems to be is the false tradition of our fathers is hurting the people in both countries.
-1 on Bitsy for poor grammar.
Unfortunately, our media does not tell people why we have an embargo at all. No one knows why, and then they think it's dumb.
The reason is that Castro nationalized many businesses, and forced the owners out of the country - most of them to the U.S. Those people feel dispossessed, and that ultimately they should get their stuff back. International law tends to agree with them.
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