Operation Bootstrap

Operation Bootstrap - Operation Bootstrap In the late 1940s...

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Operation Bootstrap • In the late 1940s, Operation Bootstrap , a program designed by the Puerto Rican governor to bring economic development by attracting U.S. corporations, was implemented. Lured by low wages and exemption from taxation, 1,700 factories came to the island by 1975. • Tax exemptions for most new industries left the burden of financing the public infrastructure on the local population, resulting in a high income tax. Operation Bootstrap’s emphasis on industry and its neglect of agriculture tilted the island economy further away from its heritage of locally owned farms. Today, little of the island’s economy is agricultural. • By 1900 some 2,000 Puerto Ricans lived on the mainland, most in New York City. Significant immigration to the mainland began in the late 1920s, and by 1940 mainland Puerto Ricans numbered almost 70,000. Over the next two decades, the number increased more than tenfold, to 887,000, largely because of Operation Bootstrap, which resulted in a net loss of jobs and
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This note was uploaded on 11/08/2011 for the course SCIE SYG2000 taught by Professor Bernhardt during the Fall '10 term at Broward College.

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Operation Bootstrap - Operation Bootstrap In the late 1940s...

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