Socialism, Not the Embargo, Explains Nearly All of Cuba’s Poverty

Socialism, Not the Embargo, Explains Nearly All of Cuba’s Poverty
Cubans walk along a street in Havana, on July 15, 2021. Yamil Lage/AFP via Getty Images
Vincent Geloso
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Commentary
Every year, since 1992, the UN General Assembly votes on a resolution brought forth by Cuba’s government regarding the need to end the U.S. embargo. Each time the resolution is brought, Cuba’s government attributes the country’s economic hardships—such as shortages, rationing, and limited access to goods—to the long-standing U.S. embargo, which it frames as a form of “economic warfare.” In its 2023 estimate, Cuba claimed the embargo has costits economy a total of $1.34 trillion, adding roughly $13 million in losses each day over the past year. This is an enormous number—and just as enormous a pile of rubbish.
Vincent Geloso
Vincent Geloso
Author
Vincent Geloso, senior fellow at the American Institute for Economic Research, is an assistant professor of economics at George Mason University. He obtained a doctorate in economic history from the London School of Economics.
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