United States rule Economy of Puerto Rico

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in 20th century greatest contributor puerto rico s economy agriculture , main crop sugar, displacing other cash crops such tobacco , coffee. in 1935, united states president franklin d. roosevelt launched puerto rican reconstruction administration, provided agricultural development, public works, , electrification of island.


economic conditions have improved dramatically since great depression because of external investment in capital-intensive industries such petrochemicals, pharmaceuticals , technology. starting in late 1940s series of projects called operation bootstrap encouraged, using tax exemptions, establishment of factories. manufacturing replaced agriculture main industry of island. operation bootstrap based on industrialization-first campaign , modernization, focusing puerto rican economy on exports, united states. result, puerto rico classified high income country world bank. though there large gains in employment , per capita income, recessions in united states magnified in country , have repeatedly hampered puerto rican development.


with signing of north american free trade agreement , dominican republic–central america free trade agreement, puerto rico lost trade advantage on latin american countries right duty-free imports u.s. market expanded. puerto rico subject minimum wage laws of united states, gives lower-wage countries such mexico , dominican republic economic advantage in caribbean. once beneficiary of special tax treatment u.s. government, today local industries must compete in more economically depressed parts of world wages not subject u.s. minimum wage legislation. in recent years, u.s. , foreign owned factories have moved lower wage countries in latin america , asia. puerto rico subject u.s. trade laws , restrictions.


also, starting around 1950, there heavy migration puerto rico continental united states, particularly new york city, in search of better economic conditions. puerto rican migration new york displayed average yearly migration of 1,800 years 1930–1940, 31,000 1946–1950, 45,000 1951–1960, , peak of 75,000 in 1953. of 2003, u.s. census bureau estimates more people of puerto rican birth or ancestry live in u.s. in puerto rico.








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