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National Interests: Priorities and Security
 

The evolution of economic policy of the Republic of Cuba under international sanctions

Vol. 13, Iss. 7, JULY 2017

PDF  Article PDF Version

Received: 27 February 2017

Received in revised form: 23 May 2017

Accepted: 19 June 2017

Available online: 27 July 2017

Subject Heading: GLOBALIZATION

JEL Classification: F21, F34, F35, F51

Pages: 1378–1392

https://doi.org/10.24891/ni.13.7.1378

Zvonova E.A. Financial University under Government of Russian Federation, Moscow, Russian Federation
EAZvonova@fa.ru

Importance Economic sanctions and economic embargo necessitate researches into trends in the domestic economy of those countries that live under protracted economic sanctions.
Objectives The research examines changes in the development of the national economy and finance in the Republic of Cuba that has been living under international economic sanctions imposed for six decades.
Methods Using methods of statistical analysis, I study various economic and financial indicators of Cuba's economic development, its evolution during different periods.
Results I analyze the main causes of international economic sanctions imposed on Cuba and those ones within 1960–1980, in particular. I identify dominant ideas of the new economic policy of Cuba and traced Cuba's transition to the market-oriented development based on import substitution. I also classify development imperatives of the Cuban economy under international economic sanctions.
Conclusions and Relevance The national economy of Cuba evolved under international economic sanctions and ever changing conditions. I outline imperatives of the socio-economic model for the development of Cuba. The article also highlights key trends in the market economy transitions, considering the import substitution focus, and proposes what aspects should be considered to evaluate the national economic security of Cuba in the current circumstances.

Keywords: international economic sanctions, embargo, adaptation measures, open economy, foreign investment

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ISSN 2311-875X (Online)
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