Word: fomento
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...novelists and essayists who would be associated with El Boom. The term suggested the sudden discovery of Latin American talent rather than its slow growth. Says Gregory Rabassa, the distinguished translator of many Hispanic writers: "El Boom is not quite right. I would prefer something a little stuffier, like fomento." The word means a gradual development...
Hardest hit is Puerto Rico, which is almost entirely dependent on ocean shipping for its survival. About 80% of shipments to San Juan from Gulf and East Coast ports have been blocked. Fomento, the island's economic development agency, issued a report saying that at the end of the strike's sixth week-about now-67,000 jobs would be threatened, adding to unemployment that already stands at 194,000. At least 60 companies have shut down, and 3 million man-days of work have already been lost...
...AMERICAN recession and the consequent decline in capital investment has exposed the debility of the "Operation Bootstrap" economic expansion plan, the foundation of Puerto Rico's economy. Begun in 1947 by the first elected government, Bootstrap and it's successor "Fomento" offered tax exemptions, government assistance, and cheap labor to attract runaway industry from the United States. At its onset, the Bootstrap program was the vigorous economic ideology of Puerto Rico's first mass reform movement, the Popular Democratic Party (PDP). The founders of the party saw Bootstrap as the way to make Puerto Rico's status as a self...
...last year, Fomento, Puerto Rico's economic-development agency, helped create 10,000 new jobs. Yet even that was not enough. The labor force grew even faster, pushing unemployment to 11.6%, nearly three times the mainland rate. Development projects, mostly in light industry, have not generated enough jobs for men, and though there has been some improvement, 60% of the Fomento-produced jobs still go to women. The average wage in manufacturing is only $1.26 an hour-half that of the mainland...
...capture of several more small towns. The government gave credence to their claims by shaking up the army command, ordering in more reinforcements and warning the civilian population that it intends to bomb out any rebel attempt to hold the central province. Reports of heavy fighting came out of Fomento. near the Sierra del Escambray. The rebels held Sancti Spiritus (pop. 60,000) for a night, drove the army from Caibarién. a north coast sugar port, and closed in on the Las Villas capital of Santa Clara...