PUERTO RICO: Sharing the Wealth

In little more than two decades, Puerto Rico has lifted itself from a sleepy agricultural backwater to a modern state brisk with industry, commerce and tourism. Much of the reason for this transformation lies in the historic economic program "Operation Bootstrap," which provided large tax incentives to lure development capital to the island. For all the progress, however, living conditions for many Puerto Ricans remain poor.

Last week, in his State of the Commonwealth Address, Governor Luis Ferre recommended another historically significant development program aimed at giving workers a greater share of the economy's wealth. Basically, the notion is to have...

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