Boom and Bust in Puerto Rico: How Politics Destroyed an Economic Miracle

The book explores the economic and political crisis in Puerto Rico, blaming the United States for bad political and fiscal policy decisions that led to the destruction of the Puerto Rican economy. It also discusses the devastation from Hurricane Maria, street protests, and earthquakes, and concludes that the crisis is the result of the breakdown and failure of Puerto Rican self-government.

Format: Hardback
Length: 224 pages
Publication date: 01 August 2021
Publisher: University of Notre Dame Press

The economic and political crisis in Puerto Rico is a complex issue that has been debated for years. While some argue that the United States is solely responsible for the crisis, others point to the actions of Puerto Rico's government and its citizens. In this book, journalist A. W. Maldonado provides a fascinating historical perspective on the problem and an unequivocal answer on who is to blame.

The book charts the rise and fall of the Puerto Rican economy, highlighting the devastating effects of bad political and fiscal policy decisions in Washington and Puerto Rico. Under Operation Bootstrap in the 1950s and 1960s, the economy transformed and industrialized, leading to a period of economic growth and prosperity. However, the demise of an obscure tax policy that encouraged investment and economic growth in the 1970s 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. He illuminates the century of misunderstanding between Puerto Rico and the United States, which he argues is the root cause of the economic crisis and the islands gridlocked debates about its political status.

Maldonado concludes with projections about the future of the relationship between Puerto Rico and the United States. He argues that the economic, fiscal, and political crises are the result of the breakdown and failure of Puerto Rican self-government. The book is written for a wide audience, including students, economists, politicians, and general readers, all of whom will find it interesting and thought provoking.

In conclusion, the economic and political crisis in Puerto Rico is a complex issue that requires a multifaceted approach. While the United States has played a significant role in the crisis, it is important to recognize the actions of Puerto Rico's government and its citizens as well. By understanding the history and the underlying factors that contributed to the crisis, we can work towards a solution that promotes economic growth, stability, and self-government for Puerto Rico.

Weight: 546g
Dimension: 158 x 237 x 22 (mm)
ISBN-13: 9780268200978