how politics destroyed an economic miracle Maldonado, A. W. creator text bibliography inu 2021 monographic eng

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ix, 254 pages ; 24 cm. 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. Prologue -- Introduction -- Part I . The Rise And Fall -- One. Operation Bootstrap -- Two. Operation Bootstrap and the Statehood Surge -- Three. The Demise of Section 936 -- Four. The Turning Point -- Five. The Breakdown of the Public Corporations -- Six . The Demise of the Government Development Bank -- Seven. "That Is Nuts": Puerto Rico's Labor Policy -- Eight. Will Puerto Rico Become a State? -- Nine. The Future of Puerto Rico -- Part II . The His Torical Context -- Ten. A "Troubled" Relationship -- Eleven. A Century of Miscommunication and Misunderstanding -- Epilogue. The Pandemic, the "Curse," the "Fix" -- Notes -- Index. A.W. Maldonado. Includes bibliographical references (pages 217-232) and index. nwpr--- n-us--- Financial crises Puerto Rico Crisis financiera Puerto Rico Political Science Puerto Rico Ciencia política Puerto Rico Puerto Rico Economic conditions 1952- Puerto Rico Condiciones económicas 1952- Puerto Rico Economic policy Puerto Rico Política económica Puerto Rico Foreign economic relations United States Puerto Rico Relaciones económicas exteriores Estados Unidos United States Foreign economic relations Puerto Rico Estados Unidos Relaciones económicas exteriores Puerto Rico Puerto Rico Foreign relations United States Puerto Rico Relaciones exteriores United States Foreign relations Puerto Rico Puerto Rico Politics and government 1952-1998 Puerto Rico Politics and government 1998- Puerto Rico Política y gobierno Siglo XX HD 3616 M244b 2021 338.97295 0268200971 (hardcover) 9780268200978 (hardcover) 2021941548 YDX 210620 20241021110907.0 22093218 eng