Boom and Bust in Puerto Rico

Boom and Bust in Puerto Rico

Author: A. W. Maldonado

Publisher: University of Notre Dame Pess

Published: 2021-08-01

Total Pages: 318

ISBN-13: 0268200998

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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.


Puerto Rico's Economic Future Utopia Or Dystopia

Puerto Rico's Economic Future Utopia Or Dystopia

Author:

Publisher:

Published: 2021-10-25

Total Pages:

ISBN-13: 9780578301433

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Three interrelated propositions form the central assertion of this Monograph:? Puerto Rico's unique relationship with the United States is underutilized and unproductive. A result of our enduring dependency on fiscal federalism, partisan politics, continuous mistreatment and misutilization of the island's most significant economic resources: Small and Medium Size Enterprises (SMEs), family businesses and local capital. ? Improvement of economic well-being and improved standards of living for Puerto Rico must be anchored on strategies and programs principled on constitutional mandates rather than on political expediency. ? Neglect of good governance, strategic intent, purpose and of defining the island's role in the 21st Century global economic geography.


Inside the Puerto Rico Economy

Inside the Puerto Rico Economy

Author:

Publisher: Inside Puerto Rico Economy

Published: 2007

Total Pages: 29

ISBN-13: 1563283379

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This collection of 120 short economic essays explores challenging aspects of the island's economy and provides insights for leaders in business, government, academia, non-profits, and other entities.


The Battle for Paradise

The Battle for Paradise

Author: Naomi Klein

Publisher: Haymarket Books

Published: 2018-06-05

Total Pages: 53

ISBN-13: 1608464318

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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


Kicking Off the Bootstraps

Kicking Off the Bootstraps

Author: DŽborah Berman Santana

Publisher: University of Arizona Press

Published: 1996

Total Pages: 228

ISBN-13: 9780816515912

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While small communities in Third World countries usually seem at the mercy of central governments and foreign capitalists, local activists can help exploited peoples correct environmental abuses and social injustices and seize control of their own destinies. Kicking Off the Bootstraps is a powerful case history of such an effort. It describes a grassroots activist movement that emerged in the Puerto Rican community of Salinas to counter the poverty and economic dependence experienced by its citizens in the wake of "Operation Bootstrap," a post-World War II industrial development program. DŽborah Berman Santana examines the efforts of the community to develop its own economic strategy based primarily on environmentally and socially responsible uses of local natural and human resources. Berman Santana shows how local activists are seeking to empower the Salinas community to make decisions concerning economic development. She evaluates present-day efforts to develop positive alternatives, examining the motivations of the activists, the nature of their projects, their efforts to mobilize the community, their dealings with government and other organizations, and the obstacles they face. In a closing chapter, she addresses the potential roles of community leaders, outside activists, local businesses, and government in actualizing these alternatives. A testimony to one community's efforts to determine its own future, Kicking Off the Bootstraps deals with real issues such as control over productive resources, quality of life, and environmental health. It also extends an examination of community-directed activism to an exploration of policy implications for sustainable development. While this concept is often too vague to be applied to real strategies, the Salinas experience provides a clear idea of what sustainable development can--and should--mean in actual practice.


Islands of Resistance

Islands of Resistance

Author: Mario Murillo

Publisher: Seven Stories Press

Published: 2011-01-04

Total Pages: 100

ISBN-13: 1609801180

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While 1998 marked the 100th anniversary of the United States' invasion and takeover of Puerto Rico, it wasn't until 1999 that the island's political movements reappeared on the radar screen of the American people. That year, two major developments occurred that transformed the relationship between Puerto Rico and Washington, D.C.: the limited clemency granted by then-President Clinton to eleven Puerto Rican Nationalists, and the death of Puerto Rican civilian security guard David Sanes, killed by missile fragments from U.S. naval bombing tests on the island municipality of Vieques. How does Vieques fit into the political future of Puerto Rico? While anti-Navy protesters are careful not to mix the island's political status options with their battle against the Navy, it is important to understand the role Washington has played in shaping Puerto Rico's current reality and how it has allowed the Navy to use Vieques as a bombing range for 60 years. It also helps one begin to predict what is the future of Puerto Rico. Is it to be a colony? Fifty-first state of the United States? Sovereign nation? In Islands of Resistance, Mario A. Murillo approaches these questions by examining how Puerto Rican politics have been shaped as much by 100 years of U.S. economic, military, and cultural domination of the territory, as by the enduring grassroots resistance of the Puerto Rican people. Islands of Resistance puts the contemporary situation in Puerto Rico into an historic context that will help people understand what is at stake in Vieques, not only for Viequenses, but for Puerto Ricans, both on the island and in the diaspora.


Island Paradox

Island Paradox

Author: Francisco Rivera-Batiz

Publisher: Russell Sage Foundation

Published: 1996-11-21

Total Pages: 228

ISBN-13: 9780871547217

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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.


Fantasy Island

Fantasy Island

Author: Ed Morales

Publisher: Bold Type Books

Published: 2019-09-10

Total Pages: 314

ISBN-13: 1568588984

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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.