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17 Economic Report 1 (1983)

handle is hein.taxfoundation/iretecr0017 and id is 1 raw text is: July 27, 1983 No. 17 PUERTO RICO AND SECTION 936: A CASE STUDY OF THE EFFECTIVE USE OF PRIVATE SECTOR INCENTIVES For those who have a professional concern with ensuring expanding opportunities for rewarding employment, there is no better setting for sharpening the focus of those concerns than Puerto Rico. This beautiful island has been a laboratory in which it has been demonstrated how strong and constructive the response of the private sector of the economy can be to appropriately designed tax incentives. There is much for everyone to learn from the experience of Puerto Rico with respect to public policy strategies for economic development initiated in the private sector. Even a quick tour of San Juan brings hcme to one a sense of the vitality of the people who live and work in Puerto Rico, of their sense of urgency about progress in their economic life. One of the most impressive attributes of that progress is that rather than rejecting or destroying established cultural values, it is built on a foundation of solid traditions. In contrast with so many of our mainland cities, San Juan's urban progress has not been at the cost of losing the beauty of the past. Old San Juan, for example, spans the centuries and reminds one today of the sources of the intellectual and cultural strength of the fine people whose energy is transforming this land economically. The statistical record of that economic transformation is an extraordinary one. Some of the major accomplishments over the last three decades may be highlighted by citing a few of the statistics which describe the changes in the amount and composition of employment, output, and income in Puerto Rico. Slightly more than three decades ago, Puerto Rico was one of the poorest lands in the western world - The Poorhouse of the Caribbean. In a little over thirty years, the Puerto Rican economy has been transformed from an impoverished, predominantly agricultural economy to a technologically advanced, industrial economy. It is difficult to capture the full import of this transformation in simple words and numbers, but one cannot help but be impressed by them. * Measured in constant (1972) dollars, GNP increased from $1.565 billion in 1950 to $7.383 billion in 1980. This is an increase of 372 percent. The percentage increase in real GNP in the U.S. as a whole was less than half - 176 percent. * Per capita real GNP in Puerto Rico increased from $709 to $2,324 or by 228 percent over these 30 years. In the United States, as

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