Explore the latest developments concerning Cuba on the.
Cuba on the Brink
Since its founding in 1922, Foreign Affairs has been the leading forum for serious discussion of American foreign policy and global affairs. The magazine has featured contributions from many leading international affairs experts.
MICHAEL J. BUSTAMANTE is Emilio Bacardí Moreau Chair in Cuban and Cuban-American Studies at the University of Miami and the author of Cuban Memory Wars: Retrospective Politics in Revolution and Exile.
In 2014, after the Obama administration and Cuba’s government announced an agreement to restore diplomatic ties, the world descended on Havana. Everyone from the Rolling Stones to would-be investors rushed to claim a stake in the island’s future. Raúl Castro, the long-serving minister of defense, had assumed power from his ailing elder brother Fidel several years earlier and launched moderate economic reforms: allowing for more small private businesses, loosening rules for foreign investments, and downsizing the state’s payroll. Together, the normalization of relations with the United States and the government’s internal actualización (or “updating,” per the Cuban Communist Party’s preferred euphemism) seemed poised to help bring the island into the twenty-first century.
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Cuban Financial Expert Links Absence of Free Market to Social Collapse in Cuba
Cuban economist and entrepreneur Yurek Vázquez has asserted that the lack of a market economy in Cuba has led to the collapse not only of commerce but also of education, family structures, and individual dignity.
In a video shared on his Instagram account, Vázquez, who also contributes to Mundiario and founded the Wall Street Business Academy in Miami, provided a comprehensive analysis of Cuba's collapse from an economic standpoint.
He argues that when a country eliminates free enterprise, it does not merely restrict commercial activities but initiates a structural degradation process that eventually impacts all aspects of social life.
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