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| economic crisis in puerto rico: Boom and Bust in Puerto Rico A. W. Maldonado, 2021-08-01 Who is to blame for the economic and political crisis in Puerto Rico—the United States or Puerto Rico? This book provides a fascinating historical perspective on the problem and an unequivocal answer on who is to blame. In this engaging and approachable book, journalist A. W. Maldonado charts the rise and fall of the Puerto Rican economy and explains how a litany of bad political and fiscal policy decisions in Washington and Puerto Rico destroyed an economic miracle. Under Operation Bootstrap in the 1950s and '60s, the rapid transformation and industrialization of the Puerto Rican economy was considered a “wonder of human history,” a far cry from the economic “death spiral” the island’s governor described in 2015. Boom and Bust in Puerto Rico is the story of how the demise of an obscure tax policy that encouraged investment and economic growth led to escalating budget deficits and the government’s shocking default of its $70 billion debt. Maldonado also discusses the extent of the devastation from Hurricane Maria in 2017, the massive street protests during 2019, and the catastrophic earthquakes in January 2020. After illuminating the century of misunderstanding between Puerto Rico and the United States—the root cause of the economic crisis and the island’s gridlocked debates about its political status—Maldonado concludes with projections about the future of the relationship. He argues that, in the end, the economic, fiscal, and political crises are the result of the breakdown and failure of Puerto Rican self-government. Boom and Bust in Puerto Rico is written for a wide audience, including students, economists, politicians, and general readers, all of whom will find it interesting and thought provoking. |
| economic crisis in puerto rico: The Battle for Paradise Naomi Klein, 2018-06-05 Fearless necessary reporting . . . Klein exposes the ‘battle of utopias’ that is currently unfolding in storm-ravaged Puerto Rico” (Junot Díaz, author of The Brief Wondrous Life of Oscar Wao) “We are in a fight for our lives. Hurricanes Irma and María unmasked the colonialism we face in Puerto Rico, and the inequality it fosters, creating a fierce humanitarian crisis. Now we must find a path forward to equality and sustainability, a path driven by communities, not investors. And this book explains, with careful and unbiased reporting, only the efforts of our community activists can answer the paramount question: What type of society do we want to become and who is Puerto Rico for?” —Carmen Yulín Cruz, Mayor of San Juan, Puerto Rico In the rubble of Hurricane Maria, Puerto Ricans and ultrarich “Puertopians” are locked in a pitched struggle over how to remake the island. In this vital and startling investigation, bestselling author and activist Naomi Klein uncovers how the forces of shock politics and disaster capitalism seek to undermine the nation’s radical, resilient vision for a “just recovery.” All royalties from the sale of this book in English and Spanish go directly to JunteGente, a gathering of Puerto Rican organizations resisting disaster capitalism and advancing a fair and healthy recovery for their island. “Klein chronicles the extraordinary grassroots resistance by the Puerto Rican people against neoliberal privatization and Wall Street greed in the aftermath of the island’s financial meltdown, of hurricane devastation, and of Washington’s imposition of an outside control board over the most important U.S. colony.” —Juan González, cohost of Democracy Now! and author of Harvest of Empire: A History of Latinos in America |
| economic crisis in puerto rico: Fantasy Island Ed Morales, 2019-09-10 A crucial, clear-eyed accounting of Puerto Rico's 122 years as a colony of the US. Since its acquisition by the US in 1898, Puerto Rico has served as a testing ground for the most aggressive and exploitative US economic, political, and social policies. The devastation that ensued finally grew impossible to ignore in 2017, in the wake of Hurricane María, as the physical destruction compounded the infrastructure collapse and trauma inflicted by the debt crisis. In Fantasy Island, Ed Morales traces how, over the years, Puerto Rico has served as a colonial satellite, a Cold War Caribbean showcase, a dumping ground for US manufactured goods, and a corporate tax shelter. He also shows how it has become a blank canvas for mercenary experiments in disaster capitalism on the frontlines of climate change, hamstrung by internal political corruption and the US federal government's prioritization of outside financial interests. Taking readers from San Juan to New York City and back to his family's home in the Luquillo Mountains, Morales shows us the machinations of financial and political interests in both the US and Puerto Rico, and the resistance efforts of Puerto Rican artists and activists. Through it all, he emphasizes that the only way to stop Puerto Rico from being bled is to let Puerto Ricans take control of their own destiny, going beyond the statehood-commonwealth-independence debate to complete decolonization. |
| economic crisis in puerto rico: Boom and Bust in Puerto Rico A. W. Maldonado, 2021 |
| economic crisis in puerto rico: Population, Migration, and Socioeconomic Outcomes among Island and Mainland Puerto Ricans Marie T. Mora, Alberto Dávila, Havidán Rodríguez, 2017-11-15 At the landmark centennial anniversary of the 1917 Jones-Shafroth Act, which granted Puerto Ricans U.S. citizenship, the island confronts an unfolding humanitarian crisis initially triggered by an acute economic crisis surging since 2006. Analyzing large datasets such as the American Community Survey and the Puerto Rican Community Survey, this book represents the first comprehensive analysis of the socioeconomic and demographic consequences of “La Crisis Boricua” for Puerto Ricans on the island and mainland, including massive net outmigration from the island on a scale not seen for sixty years; a shrinking and rapidly aging population; a shut-down of high-tech industries; a significant loss in public and private sector jobs; a deteriorating infrastructure; higher sales taxes than any of the states; $74 billion in public debt plus another $49 billion in unfunded pension obligations; and defaults on payments to bondholders. This book also discusses how the socioeconomic and demographic outcomes differ among stateside Puerto Ricans, including recent migrants, in traditional settlement areas such as New York versus those in newer settlement areas such as Florida and Texas. Florida is now home to 1.1 million Puerto Ricans (essentially the same number as those living in New York) and received a full third of the migrants from the island to mainland during this time. Scholars interested in the transition of migrants into their receiving communities (regardless of the Puerto Rican case) will also find this book to be of interest, particularly with respect to the comparative analyses on earnings, the likelihood of being impoverished, and self-employment. |
| economic crisis in puerto rico: Hurricane Maria in Puerto Rico Havidán Rodríguez, Marie T. Mora, Alberto Dávila, 2021 Bringing together scholars in various fields (including economics, sociology, demography, psychology, disaster research, political science, education, the arts, and others), this volume represents one of the first interdisciplinary sets of studies analyzing the effects of Hurricane Maria, including the slow response and recovery, on island and stateside Puerto Ricans. |
| economic crisis in puerto rico: Puerto Rico Jorge Duany, 2017 Acquired by the United States from Spain in 1898, Puerto Rico has a peculiar status among Latin American and Caribbean countries. As a Commonwealth, the island enjoys limited autonomy over local matters, but the U.S. has dominated it militarily, politically, and economically for much of its recent history. Though they are U.S. citizens, Puerto Ricans do not have their own voting representatives in Congress and cannot vote in presidential elections (although they are able to participate in the primaries). The island's status is a topic of perennial debate, both within and beyond its shores. In recent months its colossal public debt has sparked an economic crisis that has catapulted it onto the national stage and intensified the exodus to the U.S., bringing to the fore many of the unresolved remnants of its colonial history. Puerto Rico: What Everyone Needs to Know(R) provides a succinct, authoritative introduction to the Island's rich history, culture, politics, and economy. The book begins with a historical overview of Puerto Rico during the Spanish colonial period (1493-1898). It then focuses on the first five decades of the U.S. colonial regime, particularly its efforts to control local, political, and economic institutions as well as to Americanize the Island's culture and language. Jorge Duany delves into the demographic, economic, political, and cultural features of contemporary Puerto Rico-the inner workings of the Commonwealth government and the island's relationship to the United States. Lastly, the book explores the massive population displacement that has characterized Puerto Rico since the mid-20th century. Despite their ongoing colonial dilemma, Jorge Duany argues that Puerto Ricans display a strong national identity as a Spanish-speaking, Afro-Hispanic-Caribbean nation. While a popular tourist destination, few beyond its shores are familiar with its complex history and diverse culture. Duany takes on the task of educating readers on the most important facets of the unique, troubled, but much beloved isla del encanto. |
| economic crisis in puerto rico: How Latin America Weathered The Global Financial Crisis José De Gregorio, 2013-10-05 Why has the economy of Latin America responded more positively than Asia, Europe or the United States after being hit by the recent global financial crisis? Three years after the worst of the crisis, Latin America's GDP is 25 percent higher than its precrisis level. José De Gregorio, Governor of the Central Bank of Chile from 2007 to 2011, tells the story of how Latin America has responded to the crisis with a perspective that only an insider can have. De Gregorio focuses on the seven largest economies of the region, Argentina, Brazil, Chile, Colombia, Mexico, Peru, and Venezuela (90 percent of the region's output). He argues that Latin America was resilient because of good macroeconomic policies, strong financial systems, and a bit of luck. |
| economic crisis in puerto rico: How Latvia Came Through the Financial Crisis Anders Åslund, Valdis Dombrovskis, 2011 Latvia stands out as the East European country hardest hit by the global financial crisis; it lost approximately 25 percent of its GDP between 2008 and 2010. It was also the most overheated economy before the crisis. But in the second half of 2010, Latvia returned to economic growth. How did this happen so quickly? Current Latvian Prime Minister Valdis Dombrovskis, who shepherded Latvia through the crisis, and renowned author Anders slund discuss why the Latvian economy became so overheated; why an IMF and European Union stabilization program was needed; what the Latvian government did to resolve the financial crisis and why it made these choices; and what the outcome has been. This book offers a rare insider's look at how a national government responded to a global financial crisis, made tough choices, and led the country back to economic growth. |
| economic crisis in puerto rico: Aftershocks of Disaster Yarimar Bonilla, Marisol LeBrón, 2019-09-03 Two years after Hurricane Maria hit, Puerto Ricans are still reeling from its effects and aftereffects. Aftershocks collects poems, essays and photos from survivors of Hurricane Maria detailing their determination to persevere. The concept of aftershocks is used in the context of earthquakes to describe the jolts felt after the initial quake, but no disaster is a singular event. Aftershocks of Disaster examines the lasting effects of hurricane Maria, not just the effects of the wind or the rain, but delving into what followed: state failure, social abandonment, capitalization on human misery, and the collective trauma produced by the botched response. |
| economic crisis in puerto rico: From Financial Crisis to Global Recovery Padma Desai, 2011 This book examines the factors leading to America's recent recession, describing the monetary policy, tax practices, subprime mortgages and lack of regulation that contributed to the crisis. The book also considers the the prospects for economic recovery in North America, Europe, Asia, and South America as well as the extent of U.S. and EU regulatory proposals. |
| economic crisis in puerto rico: Non-Sovereign Futures Yarimar Bonilla, 2015-10-06 As an overseas department of France, Guadeloupe is one of a handful of non-independent societies in the Caribbean that seem like political exceptions—or even paradoxes—in our current postcolonial era. In Non-Sovereign Futures, Yarimar Bonilla wrestles with the conceptual arsenal of political modernity—challenging contemporary notions of freedom, sovereignty, nationalism, and revolution—in order to recast Guadeloupe not as a problematically non-sovereign site but as a place that can unsettle how we think of sovereignty itself. Through a deep ethnography of Guadeloupean labor activism, Bonilla examines how Caribbean political actors navigate the conflicting norms and desires produced by the modernist project of postcolonial sovereignty. Exploring the political and historical imaginaries of activist communities, she examines their attempts to forge new visions for the future by reconfiguring narratives of the past, especially the histories of colonialism and slavery. Drawing from nearly a decade of ethnographic research, she shows that political participation—even in failed movements—has social impacts beyond simple material or economic gains. Ultimately, she uses the cases of Guadeloupe and the Caribbean at large to offer a more sophisticated conception of the possibilities of sovereignty in the postcolonial era. |
| economic crisis in puerto rico: Russia After The Global Economic Crisis , 2010 |
| economic crisis in puerto rico: Island Paradox Francisco Rivera-Batiz, Carlos E. Santiago, 1996-11-21 Island Paradox is the first comprehensive, census-based portrait of social and economic life in Puerto Rico. During its nearly fiftyyears as a U.S. commonwealth, the relationship between Puerto Rico's small, developing economy and the vastly larger, more industrialized United States has triggered profound changes in the island's industry and labor force. Puerto Rico has been deeply affected by the constant flow of its people to and from the mainland, and by the influx of immigrant workers from other nations. Distinguished economists Francisco Rivera-Batiz and Carlos Santiago provide the latest data on the socioeconomic status of Puerto Rico today, and examine current conditions within the context of the major trends of the past two decades.sland Paradox describes many improvements in Puerto Rico's standard of living, including rising per-capita income, longer life expectancies, greater educational attainment, and increased job prospects for women. But it also discusses the devastating surge in unemployment. Rapid urbanization and a vanishing agricultural sector have led to severe inequality, as family income has become increasingly dependent on education and geographic location. Although Puerto Rico's close ties to the United States were the major source of the island's economic growth prior to 1970, they have also been at the root of recent hardships. Puerto Rico's trade andbusiness transactions remain predominantly with the United States, but changes in federal tax, social, and budgetary policies, along with international agreements such as NAFTA, now threaten to alter the economic ties between the island and the mainland. |
| economic crisis in puerto rico: War Against All Puerto Ricans Nelson A Denis, 2015-04-07 The powerful, untold story of the 1950 revolution in Puerto Rico and the long history of U.S. intervention on the island, that the New York Times says could not be more timely. In 1950, after over fifty years of military occupation and colonial rule, the Nationalist Party of Puerto Rico staged an unsuccessful armed insurrection against the United States. Violence swept through the island: assassins were sent to kill President Harry Truman, gunfights roared in eight towns, police stations and post offices were burned down. In order to suppress this uprising, the US Army deployed thousands of troops and bombarded two towns, marking the first time in history that the US government bombed its own citizens. Nelson A. Denis tells this powerful story through the controversial life of Pedro Albizu Campos, who served as the president of the Nationalist Party. A lawyer, chemical engineer, and the first Puerto Rican to graduate from Harvard Law School, Albizu Campos was imprisoned for twenty-five years and died under mysterious circumstances. By tracing his life and death, Denis shows how the journey of Albizu Campos is part of a larger story of Puerto Rico and US colonialism. Through oral histories, personal interviews, eyewitness accounts, congressional testimony, and recently declassified FBI files, War Against All Puerto Ricans tells the story of a forgotten revolution and its context in Puerto Rico's history, from the US invasion in 1898 to the modern-day struggle for self-determination. Denis provides an unflinching account of the gunfights, prison riots, political intrigue, FBI and CIA covert activity, and mass hysteria that accompanied this tumultuous period in Puerto Rican history. |
| economic crisis in puerto rico: Colonial Migrants at the Heart of Empire Ismael García-Colón, 2020-02-18 Colonial Migrants at the Heart of Empire is the first in-depth look at the experiences of Puerto Rican migrant workers in continental U.S. agriculture in the twentieth century. The Farm Labor Program, established by the government of Puerto Rico in 1947, placed hundreds of thousands of migrant workers on U.S. farms and fostered the emergence of many stateside Puerto Rican communities. Ismael García-Colón investigates the origins and development of this program and uncovers the unique challenges faced by its participants. A labor history and an ethnography, Colonial Migrants evokes the violence, fieldwork, food, lodging, surveillance, and coercion that these workers experienced on farms and conveys their hopes and struggles to overcome poverty. Island farmworkers encountered a unique form of prejudice and racism arising from their dual status as both U.S. citizens and as “foreign others,” and their experiences were further shaped by evolving immigration policies. Despite these challenges, many Puerto Rican farmworkers ultimately chose to settle in rural U.S. communities, contributing to the production of food and the Latinization of the U.S. farm labor force. |
| economic crisis in puerto rico: The Financial Crisis Inquiry Report, Authorized Edition United States. Financial Crisis Inquiry Commission, 2011-01-27 Examines the causes of the financial crisis that began in 2008 and reveals the weaknesses found in financial regulation, excessive borrowing, and breaches in accountability. |
| economic crisis in puerto rico: In the Wake of the Crisis Olivier Blanchard, David Romer, Michael Spence, Joseph E. Stiglitz, 2014-08-29 Prominent economists reconsider the fundamentals of economic policy for a post-crisis world. In 2011, the International Monetary Fund invited prominent economists and economic policymakers to consider the brave new world of the post-crisis global economy. The result is a book that captures the state of macroeconomic thinking at a transformational moment. The crisis and the weak recovery that has followed raise fundamental questions concerning macroeconomics and economic policy. These top economists discuss future directions for monetary policy, fiscal policy, financial regulation, capital-account management, growth strategies, the international monetary system, and the economic models that should underpin thinking about critical policy choices. Contributors Olivier Blanchard, Ricardo Caballero, Charles Collyns, Arminio Fraga, Már Guðmundsson, Sri Mulyani Indrawati, Otmar Issing, Olivier Jeanne, Rakesh Mohan, Maurice Obstfeld, José Antonio Ocampo, Guillermo Ortiz, Y. V. Reddy, Dani Rodrik, David Romer, Paul Romer, Andrew Sheng, Hyun Song Shin, Parthasarathi Shome, Robert Solow, Michael Spence, Joseph Stiglitz, Adair Turner |
| economic crisis in puerto rico: Locked In, Locked Out Zaire Zenit Dinzey-Flores, 2013-04-22 In November 1993, the largest public housing project in the Puerto Rican city of Ponce—the second largest public housing authority in the U.S. federal system—became a gated community. Once the exclusive privilege of the city's affluent residents, gates now not only locked undesirables out but also shut them in. Ubiquitous and inescapable, gates continue to dominate present-day Ponce, delineating space within government and commercial buildings, schools, prisons, housing developments, parks, and churches. In Locked In, Locked Out, Zaire Zenit Dinzey-Flores shows how such gates operate as physical and symbolic ways to distribute power, reroute movement, sustain social inequalities, and cement boundary lines of class and race across the city. In its exploration of four communities in Ponce—two private subdivisions and two public housing projects—Locked In, Locked Out offers one of the first ethnographic accounts of gated communities devised by and for the poor. Dinzey-Flores traces the proliferation of gates on the island from Spanish colonial fortresses to the New Deal reform movement of the 1940s and 1950s, demonstrating how urban planning practices have historically contributed to the current trend of community divisions, shrinking public city spaces, and privatizing gardens. Through interviews and participant observation, she argues that gates have transformed the twenty-first-century city by fostering isolation and promoting segregation, ultimately shaping the life chances of people from all economic backgrounds. Relevant and engaging, Locked In, Locked Out reveals how built environments can create a cartography of disadvantage—affecting those on both sides of the wall. |
| economic crisis in puerto rico: Policing Life and Death Marisol LeBrón, 2019-04-16 In her exciting new book, Marisol LeBrón traces the rise of punitive governance in Puerto Rico over the course of the twentieth century and up to the present. Punitive governance emerged as a way for the Puerto Rican state to manage the deep and ongoing crises stemming from the archipelago’s incorporation into the United States as a colonial territory. A structuring component of everyday life for many Puerto Ricans, police power has reinforced social inequality and worsened conditions of vulnerability in marginalized communities. This book provides powerful examples of how Puerto Ricans negotiate and resist their subjection to increased levels of segregation, criminalization, discrimination, and harm. Policing Life and Death shows how Puerto Ricans are actively rejecting punitive solutions and working toward alternative understandings of safety and a more just future. |
| economic crisis in puerto rico: Transatlantic Speculations Hannah Catherine Davies, 2018-11-20 The year 1873 was one of financial crisis. A boom in railway construction had spurred a bull market—but when the boom turned to bust, transatlantic panic quickly became a worldwide economic downturn. In Transatlantic Speculations, Hannah Catherine Davies offers a new lens on the panics of 1873 and nineteenth-century globalization by exploring the ways in which contemporaries experienced a tumultuous period that profoundly challenged notions of economic and moral order. Considering the financial crises of 1873 from the vantage points of Berlin, New York, and Vienna, Davies maps what she calls the dual “transatlantic speculations” of the 1870s: the financial speculation that led to these panics as well as the interpretative speculations that sprouted in their wake. Drawing on a wide variety of sources—including investment manuals, credit reports, business correspondence, newspapers, and legal treatises—she analyzes how investors were prompted to put their money into faraway enterprises, how journalists and bankers created and spread financial information and disinformation, how her subjects made and experienced financial flows, and how responses ranged from policy reform to anti-Semitic conspiracy theories when these flows suddenly were interrupted. Davies goes beyond national frames of analysis to explore international economic entanglement, using the panics’ interconnectedness to shed light on contemporary notions of the world economy. Blending cultural, intellectual, and legal history, Transatlantic Speculations gives vital transnational and comparative perspective on a crucial moment for financial markets, globalization, and capitalism. |
| economic crisis in puerto rico: Panic of 1819: Reactions and Policies, The Murray Newton Rothbard, 2007 |
| economic crisis in puerto rico: Crashed Adam Tooze, 2018-08-07 WINNER OF THE LIONEL GELBER PRIZE A NEW YORK TIMES NOTABLE BOOK OF 2018 ONE OF THE ECONOMIST'S BOOKS OF THE YEAR A NEW YORK TIMES CRITICS' TOP BOOK An intelligent explanation of the mechanisms that produced the crisis and the response to it...One of the great strengths of Tooze's book is to demonstrate the deeply intertwined nature of the European and American financial systems.--The New York Times Book Review From the prizewinning economic historian and author of Shutdown and The Deluge, an eye-opening reinterpretation of the 2008 economic crisis (and its ten-year aftermath) as a global event that directly led to the shockwaves being felt around the world today. We live in a world where dramatic shifts in the domestic and global economy command the headlines, from rollbacks in US banking regulations to tariffs that may ignite international trade wars. But current events have deep roots, and the key to navigating today’s roiling policies lies in the events that started it all—the 2008 economic crisis and its aftermath. Despite initial attempts to downplay the crisis as a local incident, what happened on Wall Street beginning in 2008 was, in fact, a dramatic caesura of global significance that spiraled around the world, from the financial markets of the UK and Europe to the factories and dockyards of Asia, the Middle East, and Latin America, forcing a rearrangement of global governance. With a historian’s eye for detail, connection, and consequence, Adam Tooze brings the story right up to today’s negotiations, actions, and threats—a much-needed perspective on a global catastrophe and its long-term consequences. |
| economic crisis in puerto rico: Financial Crises Explanations, Types, and Implications Mr.Stijn Claessens, Mr.Ayhan Kose, 2013-01-30 This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions. |
| economic crisis in puerto rico: Global Slump David McNally, 2010-12-09 Global Slump analyzes the global financial meltdown as the first systemic crisis of the neoliberal stage of capitalism. It argues that—far from having ended—the crisis has ushered in a whole period of worldwide economic and political turbulence. In developing an account of the crisis as rooted in fundamental features of capitalism, Global Slump challenges the view that its source lies in financial deregulation. The book locates the recent meltdown in the intense economic restructuring that marked the recessions of the mid-1970s and early 1980s. Through this lens, it highlights the emergence of new patterns of world inequality and new centers of accumulation, particularly in East Asia, and the profound economic instabilities these produced. Global Slump offers an original account of the “financialization” of the world economy during this period, and explores the intricate connections between international financial markets and new forms of debt and dispossession, particularly in the Global South. Analyzing the massive intervention of the world’s central banks to stave off another Great Depression, Global Slump shows that, while averting a complete meltdown, this intervention also laid the basis for recurring crises for poor and working class people: job loss, increased poverty and inequality, and deep cuts to social programs. The book takes a global view of these processes, exposing the damage inflicted on countries in the Global South, as well as the intensification of racism and attacks on migrant workers. At the same time, Global Slump also traces new patterns of social and political resistance—from housing activism and education struggles, to mass strikes and protests in Martinique, Guadeloupe, France and Puerto Rico—as indicators of the potential for building anti-capitalist opposition to the damage that neoliberal capitalism is inflicting on the lives of millions. |
| economic crisis in puerto rico: Puerto Rico Luis Gautier, 2017-12-12 Puerto Rico is experiencing its deepest economic crisis since the first half of the twentieth century. The unique political and economic relationship between the US and Puerto Rico arguably plays a fundamental role in this crisis. With these in mind and given the imposition of the Financial Oversight Management Board by the US government, this book presents policy recommendations to help Puerto Rico achieve sustainable development. A set of partial equilibrium models are employed to study important industrial policy options and trade issues. This book also discusses the potential role of market-based environmental policies as well as issues of income convergence. The method of analysis to study the Puerto Rico–US relationship presented in this book is entirely new to the literature and the analysis of market-based environmental policy. The overarching result is that it is in the best interest of Puerto Rico and the US to set economic policies consistent with an equilibrium characterized by political independence (i.e., national sovereignty) for Puerto Rico. The potential for sustainable economic growth and development is latent in Puerto Rico’s economy. But for factors of production to be used effectively and efficiently, Puerto Rico’s economy requires access to international markets at sufficiently lower transaction costs, a condition consistent primarily in an equilibrium characterized by political independence. Access to international markets at sufficiently lower costs would help, inter alia, restore market credibility, regain access to credit markets at bearable costs and achieve important efficiency gains. This book argues that international trade ought to be at the center of development and growth policy. Importantly, it argues on the grounds of efficiency that not only is it in the best interest of the US to help Puerto Rico move gradually towards an equilibrium consistent with political independence, but that a statehood-like equilibrium is inefficient, particularly if a higher degree of access to global markets is at the center of policy formulation. I hope the discussion presented in this book signifies an important contribution to the policy debate in order to address Puerto Rico’s economic challenges. |
| economic crisis in puerto rico: Failed Mark Weisbrot, 2015 Failed argues that some of the most important economic developments of recent years, including prolonged economic failures and alternatives, are widely misunderstood. Topics include the Eurozone, growth in the developing world, Latin America's second independence in the 21st century, and the International Monetary Fund's policies and loss of influence. |
| economic crisis in puerto rico: Puerto Rico in the American Century César J. Ayala, Rafael Bernabe, 2009-06-23 Offering a comprehensive overview of Puerto Rico's history and evolution since the installation of U.S. rule, Cesar Ayala and Rafael Bernabe connect the island's economic, political, cultural, and social past. Puerto Rico in the American Century explores Puerto Ricans in the diaspora as well as the island residents, who experience an unusual and daily conundrum: they consider themselves a distinct people but are part of the American political system; they have U.S. citizenship but are not represented in the U.S. Congress; and they live on land that is neither independent nor part of the United States. Highlighting both well-known and forgotten figures from Puerto Rican history, Ayala and Bernabe discuss a wide range of topics, including literary and cultural debates and social and labor struggles that previous histories have neglected. Although the island's political economy remains dependent on the United States, the authors also discuss Puerto Rico's situation in light of world economies. Ayala and Bernabe argue that the inability of Puerto Rico to shake its colonial legacy reveals the limits of free-market capitalism, a break from which would require a renewal of the long tradition of labor and social activism in Puerto Rico in connection with similar currents in the United States. |
| economic crisis in puerto rico: American Sugar Kingdom César J. Ayala, 2009-11-15 Engaging conventional arguments that the persistence of plantations is the cause of economic underdevelopment in the Caribbean, this book focuses on the discontinuities in the development of plantation economies in Cuba, Puerto Rico, and the Dominican Republic in the early twentieth century. Cesar Ayala analyzes and compares the explosive growth of sugar production in the three nations following the War of 1898--when the U.S. acquired Cuba and Puerto Rico--to show how closely the development of the Spanish Caribbean's modern economic and social class systems is linked to the history of the U.S. sugar industry during its greatest period of expansion and consolidation. Ayala examines patterns of investment and principal groups of investors, interactions between U.S. capitalists and native planters, contrasts between new and old regions of sugar monoculture, the historical formation of the working class on sugar plantations, and patterns of labor migration. In contrast to most studies of the Spanish Caribbean, which focus on only one country, his account places the history of U.S. colonialism in the region, and the history of plantation agriculture across the region, in comparative perspective. |
| economic crisis in puerto rico: OECD Insights From Crisis to Recovery The Causes, Course and Consequences of the Great Recession Keeley Brian, Love Patrick, 2010-09-10 From Crisis to Recovery traces the causes, course and consequences of the “Great Recession”. It explains how a global build up of liquidity, coupled with poor regulation, created a financial crisis that quickly began to make itself felt in the real economy. |
| economic crisis in puerto rico: Puerto Rico's Debt Crisis Gustavo Velez, 2015-11-01 Since 2006, Puerto Rico has been struggling with its worst economic crisis in recent history. In early February 2014, the three main U.S. credit agencies, decided to downgrade the island's credit to junk status, and Puerto Rico became the first U.S. jurisdiction to fall under this classification. After the credit downgrade, the government's fiscal strategy continues to be based on imposing new and more taxes and on implementing short term fiscal measures. The local political leadership lacks the will to implement the structural reforms needed to get out of the economic depression. Puerto Rico's public debt per capita ascends to $20,384, while the debt per tax payer is of $89,181. Nearly two years after the credit downgrade, as the economic situation spiraled, Puerto Ricans seem to have lost hope for a better future within their country. In this book, we look into the economic and fiscal crisis problem. The author proposes alternatives to overcome the current crisis and help the fiscally distressed U.S. territory find a new economic horizon. |
| economic crisis in puerto rico: Growth Forecast Errors and Fiscal Multipliers Mr.Olivier J. Blanchard, Mr.Daniel Leigh, 2013-01-03 This paper investigates the relation between growth forecast errors and planned fiscal consolidation during the crisis. We find that, in advanced economies, stronger planned fiscal consolidation has been associated with lower growth than expected, with the relation being particularly strong, both statistically and economically, early in the crisis. A natural interpretation is that fiscal multipliers were substantially higher than implicitly assumed by forecasters. The weaker relation in more recent years may reflect in part learning by forecasters and in part smaller multipliers than in the early years of the crisis. |
| economic crisis in puerto rico: Luis Muñoz Marín A. W. Maldonado, 2006 The book describes the most important events in Muñoz's life, played out within his own internal civil wars: the transformation from a young bohemian, succeding at nothing, to a political leader, spearheading the campaign to convince the jibaros not to sell their vote; the journey from an ardent independentista to a principal architect of today's Commonwealth; finally, the clash between Operation Bootstrap, that lifted the island from extreme poverty through industrialization, and Operation Serenity, an expression of his yearning for socialist values and humanitarian civilization.--Jacket. |
| economic crisis in puerto rico: Legacies of the Left Turn in Latin America Manuel Balán, Françoise Montambeault, 2020-01-31 Legacies of the Left Turn in Latin America: The Promise of Inclusive Citizenship contains original essays by a diverse group of leading and emerging scholars from North America, Europe, and Latin America. The book speaks to wide-ranging debates on democracy, the left, and citizenship in Latin America. What were the effects of a decade and a half of left and center-left governments? The central purpose of this book is to evaluate both the positive and negative effects of the Left turn on state-society relations and inclusion. Promises of social inclusion and the expansion of citizenship rights were paramount to the center-left discourses upon the factions' arrival to power in the late 1990s and early 2000s. This book is a first step in understanding to what extent these initial promises were or were not fulfilled, and why. In analyzing these issues, the authors demonstrate that these years yield both signs of progress in some areas and the deepening of historical problems in others. The contributors to this book reveal variation among and within countries, and across policy and issue areas such as democratic institution reforms, human rights, minorities’ rights, environmental questions, and violence. This focus on issues rather than countries distinguishes the book from other recent volumes on the left in Latin America, and the book will speak to a broad and multi-dimensional audience, both inside and outside the academic world. Contributors: Manuel Balán, Françoise Montambeault, Philip Oxhorn, Maxwell A. Cameron, Kenneth M. Roberts, Nathalia Sandoval-Rojas, Daniel M. Brinks, Benjamin Goldfrank, Roberta Rice, Elizabeth Jelin, Celina Van Dembroucke, Nora Nagels, Merike Blofield, Jordi Díez, Eve Bratman, Gabriel Kessler, Olivier Dabène, Jared Abbott, Steve Levitsky |
| economic crisis in puerto rico: Fear City Kim Phillips-Fein, 2017-04-18 PULITZER PRIZE FINALIST An epic, riveting history of New York City on the edge of disaster—and an anatomy of the austerity politics that continue to shape the world today When the news broke in 1975 that New York City was on the brink of fiscal collapse, few believed it was possible. How could the country’s largest metropolis fail? How could the capital of the financial world go bankrupt? Yet the city was indeed billions of dollars in the red, with no way to pay back its debts. Bankers and politicians alike seized upon the situation as evidence that social liberalism, which New York famously exemplified, was unworkable. The city had to slash services, freeze wages, and fire thousands of workers, they insisted, or financial apocalypse would ensue. In this vivid account, historian Kim Phillips-Fein tells the remarkable story of the crisis that engulfed the city. With unions and ordinary citizens refusing to accept retrenchment, the budget crunch became a struggle over the soul of New York, pitting fundamentally opposing visions of the city against each other. Drawing on never-before-used archival sources and interviews with key players in the crisis, Fear City shows how the brush with bankruptcy permanently transformed New York—and reshaped ideas about government across America. At once a sweeping history of some of the most tumultuous times in New York's past, a gripping narrative of last-minute machinations and backroom deals, and an origin story of the politics of austerity, Fear City is essential reading for anyone seeking to understand the resurgent fiscal conservatism of today. |
| economic crisis in puerto rico: America's Colony Pedro A Malavet, 2007-11 An examination of the legal relationship between U.S. and Puerto Rico. |
| economic crisis in puerto rico: Teodoro Moscoso and Puerto Rico's Operation Bootstrap Alex W. Maldonado, 2020-11 Fascinating. . . . [Maldonado's] extensive interviews of Moscoso are unique and help make this a highly original work. . . . He deserves this amount of attention as the man who, next to Luis Muñoz, was the dominant figure in the Puerto Rico renaissance of the 1950s.--Thomas L. Hughes, Carnegie Endowment for International Peace Maldonado does a superb job in presenting Teodoro Moscoso's role generally and the decisive actions he took at critical junctures in particular.--Rafael de Jesús Toro, dean of business administration, Interamerican University of Puerto Rico, and professor of economics, University of Puerto Rico A. W. Maldonado tells the story of Puerto Rico's extraordinary climb from poverty to economic success. Operation Bootstrap, a program conceived, promoted, and implemented by Teodoro Moscoso (1910-1992), succeeded in attracting worldwide capital investment that by the mid-1950s had transformed the island from an economic backwater into a bustling industrial society. Though much of the credit went to Puerto Rico's governor, Luis Muñoz Marín, Maldonado focuses on Moscoso to describe how and why the economic miracle took place. Moscoso was deeply involved in all aspects of the Puerto Rican economy and culture, and Maldonado follows his relationships and battles on a number of fronts, from his initial differences with Rexford Tugwell, the last American governor of the island, to conflicts with Governor Muñoz, who was constantly concerned that Moscoso was pushing change too quickly. In the worlds of business and culture, Maldonado shows how Moscoso employed advertising guru David Ogilvy to propagate the image of a people engaged in a cultural renaissance. He also highlights Moscoso's decisive actions at critical junctures (such as his success in pushing tax exemptions and tourism in the late 1940s) and his personal persuasiveness, as with Pablo Casals, who at the age of eighty was persuaded to establish his Casals Festival at San Juan. Maldonado shows that Moscoso was the architect of the economic miracle that economists and presidents believed could not happen in Puerto Rico. His account sheds new light on the man who provided U.S. administrations with a democratic success story to counter the allure of the Cuban revolution and who was called on by President John F. Kennedy to organize and head the Alliance for Progress. A. W. Maldonado, a journalist in Puerto Rico for 37 years, is a former editor of El Mundo and El Reportero and currently writes a column for the San Juan Star. His articles have appeared in numerous U.S. publications, including the New York Times, Los Angeles Times, Baltimore Sun, Christian Science Monitor, Newsday, and The Nation. |
| economic crisis in puerto rico: The Democrats Lance Selfa, 2012-08-07 A smart, readable history of the Democrats that reminds us of the party's allegiance to capital.—Indypendent |
| economic crisis in puerto rico: Hurricane Maria in Puerto Rico Havidán Rodriguez, Marie T. Mora, Alberto Dávila, 2021-09-30 With its 155 mile-per-hour sustained windspeeds, the near-Category 5 Hurricane Maria brought catastrophic devastation and destruction as it diagonally crossed the Commonwealth of Puerto Rico from the southeast to the northwest on September 20, 2017. The official death toll estimate of 2,975 lost lives means this record storm became one of the most devasting hurricanes not only for Puerto Rico but for the U.S. Many of these deaths, as well as the prolonged human suffering, were attributed to what was described as inadequate disaster response and slow restoration of basic services (including running water, electricity, and the provision and distribution of food and medicine), and not to the direct impact of the hurricane itself. At the same time, Hurricane Maria made landfall when Puerto Rico had been confronting a severe economic crisis surging for over a decade. This crisis, referred to as La Crisis Boricua, was characterized by a significant loss of industry and jobs, a deteriorating infrastructure, record net outmigration, a shrinking and rapidly aging population, rising healthcare under-coverage, a bankrupt government, and federal legislation restricting fiscal policy decisions made by elected officials on the island. Thus, Hurricane Maria exacerbated the effects of La Crisis Boricua on the socioeconomic, health, and demographic outcomes affecting Puerto Ricans on the island and U.S. mainland. Bringing together scholars from a wide variety of disciplines (including economics, sociology, demography, health, psychology, disaster research, political science, education, the arts, and others), this volume represents one of the first interdisciplinary sets of studies dedicated to analyzing the effects of Hurricane Maria on island and stateside Puerto Ricans. Specific topics cover Hurricane Maria’s impact on labor market outcomes, including wages and employment by industry; health implications, including mental health; changes in artistic expression; civic engagement; and disaster response and recovery. A common thread through many of the chapters was the destruction of Puerto Rico’s electrical grid and the prolonged restoration of electricity and other essential services that resulted in the loss of thousands of lives. |
| economic crisis in puerto rico: Start-up Nation Dan Senor, Saul Singer, 2011-09-07 What the world can learn from Israel's meteoric economic success. Start-Up Nation addresses the trillion dollar question: How is it that Israel -- a country of 7.1 million, only 60 years old, surrounded by enemies, in a constant state of war since its founding, with no natural resources-- produces more start-up companies than large, peaceful, and stable nations like Japan, China, India, Korea, Canada and the UK? With the savvy of foreign policy insiders, Senor and Singer examine the lessons of the country's adversity-driven culture, which flattens hierarchy and elevates informality-- all backed up by government policies focused on innovation. In a world where economies as diverse as Ireland, Singapore and Dubai have tried to re-create the Israel effect, there are entrepreneurial lessons well worth noting. As America reboots its own economy and can-do spirit, there's never been a better time to look at this remarkable and resilient nation for some impressive, surprising clues. |
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