Word: rum
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Dates: during 1950-1959
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...from Desperation. But not just any eye can measure the whole force of Puerto Rico's tug at its bootstrap. The full change dates from the '303, when the economy revolved around the apathetic peasant sugar-cane cutter, and when industry-even rum-making-hardly existed. In 1940, Puerto Rico resolved that it was going to transform itself. Industrialization became a major goal. As a starter, the government bought out mossback electric companies, built dams, strung transmission lines, and thus provided the electricity that powers today's boom. But the most astute stroke was the 1942 creation...
...first the corporation built and ran plants, e.g., a wartime rum-bottle factory, a cement plant. But some strikes that followed showed the vulnerability of government in the double role of industrial labor's friend and employer. The lesson grew clear that the way to industrialize was to attract U.S. capital. In 1948 Operation Bootstrap, based on that principle, got under...
...Trotts (hotels). He lived in the U.S. for a dozen years, first married Alice Wolcott, daughter of the chairman of the board of Pennsylvania's Lukens Steel Co.; they had four children. Then he quit a Pennsylvania advertising job and bought Bermuda's Swizzle Inn, a rum-punch spot, later added a nightclub called Angel's Grotto. The genteel ginmill business put him in contact with Manhattan cafe society and entertainment types, and he began spending less time with staid Bermudians, more with exciting Americans. By last December his wife had divorced him; he had been named...
...Division), which in 1955 accounted for 45% of Grace's total income v. only 3% in 1952. Another $30 million will go to the Grace Line, the remainder principally to paper enterprises in South America, where Grace also has ventures in sugar, paint, textiles, light bulbs and rum bottling...
...gets you worse than rum. You get away and you swear you'll stay...