Word: bootstrapping
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...island offers a laboratory where U.S. and Latin cultures and economies fuse with useful, imaginative lessons. For the dramatic methods that Poet-Governor Luis Muñoz Marin used in changing Puerto Rico from an "unsolvable problem" to a prosperous, burgeoning tropical workshop, see HEMISPHERE, The Bard of Bootstrap...
Flops & Switches. Failures came often enough to keep the bootstrap-tuggers from getting smug. Tax exemption means nothing if profits are nothing, and 169 factories (of the 667 that started) have gone under for such reasons as obsoletion of market, lack of distributing facilities, attempting to make a product exclusively for the still relatively small Puerto Rican market. The government, too, had its failures. The Land Authority tried valiantly, even mechanized sugar loading by a system that blows the semirefined product from trucks or railroad cars., into ships, eliminating bags. But it could not meet its allotted task of increasing...
Munoz and his men are so unashamedly pleased with Operation Bootstrap that their formula for the future is more of the same. Goals: 2,500 factories by 1975, with a standard of living then equal to that of the U.S. now. The U.S. recession is hurting the island, and with unionization and rising wages, the tax-exemption law, which expires at the end of 1963, is left as the main incentive. But in a single week recently, U.S. investors were in Puerto Rico to study prospects in plastic webbing, dresses, sportswear, tourist hotels, motorboat trailers, wall tiles, plastic toys, scientific...
PUERTO Rico, whose strikingly successful Operation Bootstrap has sparked a productive industrial economy that in ten years has brought in 500 new industries, created 80,000 jobs, boosted per capita income from $264 to $369. Puerto Rico's Economic Development Administrator Teodoro Moscoso emphasized that the "key" to his country's swift rise was the original decision to use government funds only to create an environment in which private industry could flourish. Said he: "What is transforming Puerto Rico is not the money but the dynamic productive forces of the U.S. industrial concerns which made the investment decisions...
...offering generous tax exemptions to new investors, Operation Bootstrap attracted 169 new plants in the first five years (v. 19 in the previous five years), is now bringing in ten a month. To arguments that Puerto Rico owes its success to its position as a low-wage part of the U.S. customs area and to the free movement of goods between the island and the U.S., Moscoso replied: "Puerto Rico had this same kind of economic relationship with the U.S. from 1917 to 1940−and yet nothing much happened...