Impact of Cuban Trade Embargo
The Impact of the Cuban Trade Embargo By: Natalie Bell 2/25/09
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International Business Law BLAW 4320 [pic]
Cuba, the largest island nation in the Caribbean just ninety miles off the coast of Florida, experienced many difficult struggles through its extensive history. It was the last major Spanish colony to gain independence, following a lengthy struggle that was begun in 1868. It was in 1898 when the U.S. intervened during the Spanish-American War that it finally overthrew Spanish rule. The Treaty of Paris established Cuban independence, which was granted in 1902 after a three-year transition period. The United States and Cuba concluded a Treaty of Relations in 1934, which, among other things, continued the 1903 agreements that leased the Guantanamo Bay naval base to the United States (CIA World Factbook). In the time before 1959, the United States had maintained strong ties with Cuba. Many Americans had many various business investments there, and the country was a special place for tourists from around the world. Since the fall of the U.S.-supported dictatorship of Fulgencio Batista in 1959, it was Fidel Castro who has mainly led Cuba throughout the years. It was in Febuary 19, 2008 when Fidel Castro finally ceded power to his brother Raul Castro. Since the majority of Cubans were born after the 1959 revolution, most of the Cuban people have known no other leader. President Fidel Castro outlasted no fewer than nine American presidents since he took power in 1959 (Castro:Profile). Relations between the United States and Cuba deteriorated rapidly as Fidel Castro and the Cuban regime moved toward the acceptance of the one-party communist system. Cuba seized the assets of American citizens and U.S. firms including farms, factories, hotels, bank accounts, and real estate without compensation. It was finally on April 16, 1961 when Fidel Castro declared Cuba a
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International Business Law BLAW 4320 [pic]
Cuba, the largest island nation in the Caribbean just ninety miles off the coast of Florida, experienced many difficult struggles through its extensive history. It was the last major Spanish colony to gain independence, following a lengthy struggle that was begun in 1868. It was in 1898 when the U.S. intervened during the Spanish-American War that it finally overthrew Spanish rule. The Treaty of Paris established Cuban independence, which was granted in 1902 after a three-year transition period. The United States and Cuba concluded a Treaty of Relations in 1934, which, among other things, continued the 1903 agreements that leased the Guantanamo Bay naval base to the United States (CIA World Factbook). In the time before 1959, the United States had maintained strong ties with Cuba. Many Americans had many various business investments there, and the country was a special place for tourists from around the world. Since the fall of the U.S.-supported dictatorship of Fulgencio Batista in 1959, it was Fidel Castro who has mainly led Cuba throughout the years. It was in Febuary 19, 2008 when Fidel Castro finally ceded power to his brother Raul Castro. Since the majority of Cubans were born after the 1959 revolution, most of the Cuban people have known no other leader. President Fidel Castro outlasted no fewer than nine American presidents since he took power in 1959 (Castro:Profile). Relations between the United States and Cuba deteriorated rapidly as Fidel Castro and the Cuban regime moved toward the acceptance of the one-party communist system. Cuba seized the assets of American citizens and U.S. firms including farms, factories, hotels, bank accounts, and real estate without compensation. It was finally on April 16, 1961 when Fidel Castro declared Cuba a
Cited: ACN Cuban News Agency. (2007, May 2). “Nancy Pelosi Says U.S. Blockade of Cuba Should be Lifted.” Retrieved April 24, 2008, from http://www.cubanews.ain.cu/2008/0425nancypelosi.htm BBC News. (2008, February 19). “Castro: Profile of the Great Survivor”. Retrieved April 24, 2008 from http://news.bbc.co.uk/2/hi/americas/244974.stm BBC News. (2008, April 12). “Cuban Leaders Plan More Reforms”. Retrieved April 24, 2008, from http://news.bbc.co.uk/2/hi/americas/7343883.stm BBC News. (2008, February 26). “Country Profile: Cuba”. Retrieved April 24, 2008 from http://news.bbc.co.uk/2/hi/americas/country_profiles/1203299.stm BBC News. (2008, April 24). “Cubans Snapping Up Mobile Phones”. Retrieved April 24, 2008, from http://news.bbc.co.uk/2/hi/business/7364791.stm BBC News. (2007, October 30). “U.S. Urged to End Cuba Embargo”. Retrieved April 24, 2008, from http://www.bbc.co.uk/caribbean/news/story/2007/10/071030_cubaun.shtml CIA World Factbook. Cuba. (nd). Retrieved on April 22, 2008 from https://www.cia.gov/library/publications/the-world-factbook/geos/cu.html Retrieved on April 22, 2008 from http://www.alternatives.ca/article876.html Latin America Working Group (LAWG) Toward Cuba. (nd) Retrieved on April 22, 2008 from http://www.lawg.org/docs/new_member_packet.pdf Magnusson, Paul Polling Report. Cuba. Retrieved on April 22, 2008 from http://www.pollingreport.com/cuba.htm Schaffer R., Earle B., & Agusti F. (2005). International Business Law and Its Environment Sierra, J.A. Economic Embargo Timeline. (nd). Retrieved on April 22, 2008 from http://www.historyofcuba.com/history/funfacts/embargo.htm U.S. Department of the State. (http://www.state.gov). Retrieved on April 22, 2008. Embargo”. Retrieved April 22, 2008 from http://www.treas.gov/ofac Voss, Michael