The Characters in the film Memories of Underdevelopment are symbolically multifaceted. In the film the director, Thomas Gutuerrez Alea, conveys political and social symbols by way of allegory. Both of the main characters, Sergio and Elena, are relatively complex and antithetical.

Sergio can not be easily categorized symbolically. Sergio is a well off, well connected intellectual, his status is much higher than the Cuban norm. He sees himself as possessing the European sensibilities; and seems to identify more with European culture rather than Latin American culture. Economically and socially he represents the colonial power structure, however, he is an idealistic intellectual who is in support of Cuba's freedom. Elena is submissive, naive, and not well educated (underdeveloped), yet simultaneously she embodies the new Cuban woman fighting for freedom from the oppressive influence of traditional power.

The most prevalent allegorical story told within the film is that of Sergio representing the colonial power structure that has taken advantage of the Cuban nation. Elena represents the innocent Cuban nation imposed upon by powers stronger than themselves. Regardless of Sergioís sympathy toward the revolution, he can not avoid representing the power structure. We see Sergio exercise his power when he unrelentingly pursues Elena on the street. Sergio asks Elena on a date and he does not take no for an answer; Elena eventually submits and agrees to have dinner with him. Elena who is looking to become an actress, is impressed by Sergio's connections and promises of success. This is similar to the United States promises that capitalism will best improve the Cubans lives. In Sergio's apartment he gives Elena his ex-wife's dresses. This transaction of power dynamics can be paralleled to the European and American imposition of their culture upon the Cubans. When dominating another country or person, usually the dominator must make the dominated feel as though they are inferior and dependent on them.

Elena is representative of Cuba in that she is young, not well off, and not well educated; as a result she is vulnerable to Sergio in a similar way that Cuba was vulnerable to the colonial powers. At the time the film takes place Cuba is young as a free nation, thus it was easily influenced by the powerful. Economic resource determine a major role in how much power a country possess. Thus, Cuba is powerless in the face of the U.S., much like Elena is powerless with Sergio.

Although uneducated, Elena challenges the traditional Latin American culture, by seeking independence. The Latin American culture, guided by the Catholic Church, traditionally has not allowed for (young) women to be assertive and active. Elena embodies the spirit of the new woman in Cuba, realizing that they donít have to accept such values, for example that women can not be independent or aggressive in obtaining their goals. The "New Cuban Woman" has been liberated by the revolution. Elena is very determined and independent, she even becomes deceitful in her tactics of gaining power, i.e. she almost forces Sergio into marrying her, for she claimed he raped her, when he had not.