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Cuba Under Embargo: The Macro Impact

Cuba Under Embargo: The Macro Impact

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America's embargo against Cuba has obviously had broad and serious economic impact on the island economy, but nobody seems to know why it is obvious. Existing commentary only includes broad verbal descriptions and the supposedly obvious economic harm has never been independently quantified. Hard data remains very obscure, but some is available and the outcome it suggests is surprising. Since hard data is scarce, some less obvious analytical methods are needed. Cuba's overall economy and its Industrial Structure pre and post embargo are revealing. They have never been compared with its international peers as yet.So did non-embargoed countries actually fare better than Cuba as is commonly presumed? The data show that Cuba was able to grow under many different conditions including the interwar years, the Soviet period, the post-Soviet period, embargo or no embargo. There were setbacks due to the embargo, but there were also compensating factors. How do these add up? There may be plenty of reasons to endorse or denounce the embargo, but until now there has been too little information to justify citing the macro economic impact.