Capitalism In Cuba

Cuba has recently discovered oil reserves in offshore fields of Cuba's share of the Gulf of Mexico that can approximately be rounded to contain 200 million barrels of natural recoverable oil. At the same time Cuba rejoices from this discovery coincedently the U.S is promoting to normalize relations with Cuba’s government. This significant discovery can lead for Cuba to stop their dependance on foreign oil and compete at hand with the US’s oil reserves and become part of the top 20 countries to produce and export oil . However, Cuba’s state oil company , Cupet , does not have the appropriate resources and machinery to extract oil from the oil reserves discovered. This will lead for Cuba to accept machinery from the U.S in order to begin extraction
However, high profiteers find loopholes in the system and take advantage of it to gain economic capital exploiting peripheral countries and reducing their chances of economic prosperity. Wallerstein states , “ Capitalism has been able to flourish precisely because the world economy has had within its bound not one but a multiplicity of political systems (Wallerstein, The Modern-World System, 230).” In our free market economy, there is the idea that represents the need to beat the competitor, which influences many companies to exploit their workers, establishments , and trade partners. In March 12, 1996, the U.S tightened Cuba’s embargo and made it difficult for Cuba to have a restricted relationship with the U.S and foreign-relationships with any other non- U.S country through the Helms- Burton Act. Due to this legislation, core countries like Brazil, Norway and Spain have limited access to engage in any foreign trade with Cuba, nevertheless engage in the drilling and exportation of the crude oil in Cuba. Legislations are used as a systems of meanings in which the dominant group can manipulate its views onto others and create opportunities that will benefit the dominant group. Due to the U.S owning the machinery that Cuba will need to drill their oil, this will pressure Cuba’s administration to re-visit the act and loosen the embargo so U.S oil companies can have access to the management and distribution of the oil. As we have witnessed the destructive presence the U.S’s involvement in the Middle East has created solely for their oil, if they obtain high amounts of oil and profit from Cuba, it can decrease their dependence on Middle Eastern oil. The competition among core countries on who accumulates more profit is more prevalent than the safety and stability of other countries participating in Capitalism. This creates the