The Indicator from Planet Money The story behind Cuba's economic dysfunction
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Nov 7, 2024 William Leogrand, a professor of government at American University and an expert on Cuban politics, dives into Cuba's ongoing economic turmoil. He discusses the recent hurricane-induced power outages and how they reflect deeper systemic failures. The conversation highlights the historical context of U.S. sanctions and the loss of Soviet support, illustrating how these factors shape daily life for Cubans. Leogrand also explores the rising tide of emigration as citizens seek better opportunities abroad amidst growing despair.
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Life in Havana
- Marcos, a Havana resident, experiences frequent, brief power outages.
- However, unexpected national blackouts are a new and concerning development.
Cuba's Vicious Cycle
- Cuba's blackouts stem from aging infrastructure and insufficient funds for oil and spare parts.
- This creates a vicious cycle, hindering domestic industry and reducing exports, further limiting their ability to purchase necessary resources.
Cuba's Economic Struggle
- Cuba's economic struggles are attributed to both communist policies and US sanctions.
- The country's reliance on sugar and nickel exports, coupled with Soviet aid dependence, made it vulnerable after the USSR's collapse.