Word: fomento
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Dates: during 1970-1979
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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...