Download Ebook Restoring Growth in Puerto Rico: Overview and Policy OptionsFrom Brookings Institution Press
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Restoring Growth in Puerto Rico: Overview and Policy OptionsFrom Brookings Institution Press
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As a territory of the United States, Puerto Rico enjoys the benefits of key U.S. legal, monetary, security, and tariff systems, and its residents are U.S. citizens. In the decades following World War II, Puerto Rico emerged as one of the world's fastest-growing economies. From 1950 to 1970 per capita income nearly doubled as a percentage of the U.S. average, making the island the richest economy in Latin America. Since the mid-1970s, however, labor force attachment has declined, economic growth has slowed, and the island's living standards have fallen further behind those on the mainland. Today more than half of all Puerto Rican children live below the U.S. poverty level. Why did Puerto Rico's economic progress stall? And more important, what can be done to restore growth? A number of overlapping concerns—labor supply and demand, entrepreneurship, the fiscal situation, financial markets, and trade——are at the heart of its economic difficulties. This is a companion volume to Restoring Growth: The Economy of Puerto Rico (Brookings, 2006), in which economists from Puerto Rico and the United States examine the island's economy and propose strategies for sustainable growth. This monograph summarizes the analyses published in that volume and presents a set of policy recommendations to increase employment, improve education, upgrade infrastructure, and fix government finances. Contributors include James Alm (Georgia State University), Barry P. Bosworth and Gary Burtless (Brookings Institution), Susan M. Collins (Brookings Institution and Georgetown University), Steven J. Davis (University of Chicago), María E. Enchautegui, Juan Lara, Luis A. Rivera- Batiz, and Orlando Sotomayor (University of Puerto Rico), Richard B. Freeman and Robert Z. Lawrence (Harvard University), Helen F. Ladd (Duke University), Rita Maldonado-Bear and Ingo Walter (New York University), Francisco L. Rivera-Batiz (Columbia University), and Miguel A. Soto-Class (Center for the New Economy).
- Sales Rank: #1885781 in Books
- Published on: 2006-05-17
- Original language: English
- Number of items: 1
- Dimensions: 9.22" h x .33" w x 6.16" l, .49 pounds
- Binding: Paperback
- 136 pages
Review
About the Author
Susan M. Collins is a senior fellow in Economic Studies at the Brookings Institution and a professor of economics at Georgetown University. Her publications focus on various dimensions of economic policy and performance for developing countries. Barry Bosworth is a senior fellow and Robert V. Roosa Chair in International Economics at the Brookings Institution. Miguel A. Soto-Class is the executive director of the Center for the New Economy, a Puerto Rico-based think tank focusing on economic development issues.
Most helpful customer reviews
6 of 8 people found the following review helpful.
Scholarly prestige of Brookings, but lacks diversity of economic thought
By E. Rivera
"Restoring Growth" is intelligently written, citing particular policy problems and solutions to the problems. However, the challenge with some American policymakers is the assumption that American economic development occurred through a vacuum of laissez faire policies, while history pointedly challenges this notion.
While I do respect the perspective of competition and small enterprise innovation as the book eloquently elaborates on, the book also ignores the historical development of colonial-style institutions on the island and the inability to connect politics with economics.
While it is important to understand and dissect economic theory apart from other social sciences, it is necessary to combine social science disciplines, politics and economics, in order to understand a complex world.
I think "Restoring Growth" is a must read for people interested in Puerto Rico and Development. A challenge for this book (and any other book for that matter) is when states and state interventionist policy is perceived as being generally all the same is grossly misleading.
The book is a good argument to include in the mix on Puerto Rico Development, but more scholarly literature that challenges the book's assumptions should create interactive dialogue.
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