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Puerto Rico - Independence, Industrial Policy, and Growth (Hardcover)
Loot Price: R2,228
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Puerto Rico - Independence, Industrial Policy, and Growth (Hardcover)
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Puerto Rico is experiencing its deepest economic crisis since the
first half of the twentieth century. The unique political and
economic relationship between the US and Puerto Rico arguably plays
a fundamental role in this crisis. With these in mind and given the
imposition of the Financial Oversight Management Board by the US
government, this book presents policy recommendations to help
Puerto Rico achieve sustainable development. A set of partial
equilibrium models are employed to study important industrial
policy options and trade issues. This book also discusses the
potential role of market-based environmental policies as well as
issues of income convergence. The method of analysis to study the
Puerto Rico-US relationship presented in this book is entirely new
to the literature and the analysis of market-based environmental
policy. The overarching result is that it is in the best interest
of Puerto Rico and the US to set economic policies consistent with
an equilibrium characterized by political independence (i.e.,
national sovereignty) for Puerto Rico. The potential for
sustainable economic growth and development is latent in Puerto
Rico's economy. But for factors of production to be used
effectively and efficiently, Puerto Rico's economy requires access
to international markets at sufficiently lower transaction costs, a
condition consistent primarily in an equilibrium characterized by
political independence. Access to international markets at
sufficiently lower costs would help, inter alia, restore market
credibility, regain access to credit markets at bearable costs and
achieve important efficiency gains. This book argues that
international trade ought to be at the center of development and
growth policy. Importantly, it argues on the grounds of efficiency
that not only is it in the best interest of the US to help Puerto
Rico move gradually towards an equilibrium consistent with
political independence, but that a statehood-like equilibrium is
inefficient, particularly if a higher degree of access to global
markets is at the center of policy formulation. I hope the
discussion presented in this book signifies an important
contribution to the policy debate in order to address Puerto Rico's
economic challenges.
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