Why has Cuba become so economically isolated from the global economy?, Cuba became isolated largely because of the long-standing US trade embargo, which began in 1960 and was formalized by President Kennedy in 1962. The embargo made imports more expensive and limited Cuba's access to foreign markets and investment. Cuba's own economic policies also contributed to its continued isolation, How did the collapse of the Soviet Union affect Cuba's economy?, The Soviet Union had provided Cuba with huge subsidies, equivalent on average to roughly one-fifth of the Cuban economy. When the USSR dissolved in 1991, this support disappeared almost overnight. As a result, Cuba's GDP fell by more than a third over three years, leading to the period known as the special period, What role did Venezuela play in keeping Cuba's economy functioning?, Venezuela supplied Cuba with oil at below-market rates in exchange for Cuban personnel, including doctors, teachers, security advisers, and military personnel. At its peak, Venezuela supplied nearly 100,000 barrels of oil per day, covering virtually all of Cuba's energy requirements, What role did Venezuela play in keeping Cuba's economy functioning?, Venezuela supplied Cuba with oil at below-market rates in exchange for Cuban personnel, including doctors, teachers, security advisers, and military personnel. At its peak, Venezuela supplied nearly 100,000 barrels of oil per day, covering virtually all of Cuba's energy requirements, Why did Cuba's energy crisis become so severe?, Cuba was already producing only about 40,000 barrels of oil domestically while needing around 100,000 barrels per day. Venezuelan deliveries had also declined substantially before eventually stopping. Cuba's electricity infrastructure was old and poorly maintained, and only about 34% of installed power-plant capacity was available by early 2025, How have the energy shortages affected everyday life in Cuba?, Rolling blackouts have stretched to as much as 20 hours a day in some areas. Fuel shortages have also affected rubbish collection, food production, transportation, and water supplies. Since much of Cuba's water-pumping infrastructure depends on electricity, access to clean drinking water has become increasingly difficult, What are remittances and tourism, and why have they been important to Cuba?, Remittances are money sent to Cuba by Cubans living abroad. The transcript says that somewhere between $1 billion and $3 billion flows into Cuba annually through remittances. Tourism was another major source of foreign currency: in 2019, Cuba received around 4.2 million visitors and generated more than $2.5 billion in revenue, What happened after Cuba's monetary reform in January 2021?, Cuba unified its two currencies and devalued the Cuban peso from a 1:1 official rate with the dollar to 24:1. The reform was intended to remove price distortions and encourage greater efficiency among state enterprises. However, imports became much more expensive, contributing to a major price shock and triple-digit inflation, Why does the video describe Cuba's current crisis as more than just an energy crisis?, The energy shortage has affected many other parts of the economy and society. Electricity shortages reduce production, fuel shortages disrupt transport and rubbish collection, food production has fallen, water supplies have been affected, and the healthcare system faces shortages of medicines and difficulties performing medical procedures. At the same time, large numbers of people are leaving the country, What are the 176 free-market reforms announced by the Cuban government intended to change?, The reforms include authorizing private banks, allowing foreign investment without requiring joint ventures, removing limits on the size of private enterprises, and permitting imports and exports without state intermediation. The government also acknowledged that price controls had contributed to scarcity, Why does the video argue that Cuba's reforms may not be enough to solve the crisis?, The reforms do not significantly reduce the influence of GISA, which the author says controls a large share of Cuba's formal economy. Foreign investors also face the risk of losing access to the US financial system if they do business with Cuba. In addition, Cuba's industrial base, healthcare system, and energy infrastructure all require substantial investment, while many skilled professionals and entrepreneurs have already left the country

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