Word: moscoso
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...factories going, Muñoz tapped a young pharmacist (University of Michigan '32) named Teodoro Moscoso Jr., who left a job running his family's wholesale drug business in Ponce to form and boss Fomento. The program's principle, as summed up by Moscoso: "Economic development is not an end but a means of attacking poverty." It avoided political doctrines; Muñoz early ruled that Fomento should "have no fixed taboos, no sacred cows in the choice of instruments to achieve a better standard of living...
...experience in the factories was distressingly clear proof that the government would have to raise an unthinkable $1 billion or $2 billion to build enough plants to industrialize the island. Without ado, Muñoz & Co. sold the government-owned plants to get capital for what Moscoso calls the "incentive and promotional approach," aimed at giving a "multiplier effect" to the government's investment. Instead of "permitting" (in the word of many a nationalist demagogue) the entry of outside capital, Puerto Rico resolved to dragoon or inveigle...
...with every kind of assistance. U.S. Federal income taxes do not apply in Puerto Rico, and any new business not provably running away from U.S. taxes or unions was freed from the island income tax for ten years. Profits could and did run to 60% of sales; Fomento Chief Moscoso says: "We found this not too high a price to pay for our accelerated rate of development...
...hired expert U.S. economists to sit down with prospects, show them how high returns might run. It offered them ready-built plants at low rent, loans from the Fomento bank, cheap power from the efficient Water Resources Board, accurate statistics. Nor did Fomento wait for investors to come. Ted Moscoso can often be seen in Fomento's plush offices in the new Tishman Building on Manhattan's Fifth Avenue, striding down a corridor on his way for some "belly-to-belly selling" of a businessman interested in setting up a manufacturing plant in Puerto Rico. "We have learned...
...Moscoso retorts. Puerto Rico buys heavily beyond its own shores (mostly from the U.S.) and its purchases of goods and services top $800 million a year. It sells less, and its 1957 balance-of-payments deficit was $265 million. The deficit was redressed mostly by incoming capital, payments of $62.5 million to Puerto Rican veterans (who suffered heavy casualties in the Korean war), and money sent home by Puerto Ricans working in the U.S. Washington's grants-in-aid for such programs as health, housing and highways totaled $41 million (which is a bit more than islanders...