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Failed argues that some of the most important economic developments of recent years, including prolonged economic failures and alternatives, are widely misunderstood. Topics include the Eurozone, growth in the developing world, Latin America's "second independence" in the 21st century, and the International Monetary Fund's policies and loss of influence.
An authoritative review of the long history of federal responses to state and local budget crises, from Alexander Hamilton through the COVID-19 pandemic, that reveals what is at stake when a state or city can't pay its debts and provides policy solutions to an intractable American problem. What should the federal government do if a state like Illinois or a city like Chicago can't pay its debts? From Alexander Hamilton's plan to assume state debts to Congress's efforts to respond to the COVID-19 pandemic, many of the most important political disputes in American history have involved federal government responses to state or local fiscal crises. In a Bad State provides the first comprehensive historical and theoretical analysis of how the federal government has addressed subnational debt crises. Tracing the long history of state and local borrowing, David Schleicher argues that federal officials want to achieve three things when a state or city nears default: prevent macroeconomic distress, encourage lending to states and cities to build infrastructure, and avoid creating incentives for reckless future state budgeting. But whether they demand state austerity, permit state defaults, or provide bailouts-and all have been tried-federal officials can only achieve two of these three goals, at best. Rather than imagining that there is a single easy federal solution, Schleicher suggests some ways the federal government could ameliorate the problem by conditioning federal aid on future state fiscal responsibility, spreading losses across governments and interests, and building resilience against crises into federal spending and tax policy. Authoritative and accessible, In a Bad State offers a guide to understanding the pressing fiscal problems that local, state, and federal officials face, and to the policy options they possess for responding to crises.
At the landmark centennial anniversary of the 1917 Jones-Shafroth Act, which granted Puerto Ricans U.S. citizenship, the island confronts an unfolding humanitarian crisis initially triggered by an acute economic crisis surging since 2006. Analyzing large datasets such as the American Community Survey and the Puerto Rican Community Survey, this book represents the first comprehensive analysis of the socioeconomic and demographic consequences of “La Crisis Boricua” for Puerto Ricans on the island and mainland, including massive net outmigration from the island on a scale not seen for sixty years; a shrinking and rapidly aging population; a shut-down of high-tech industries; a significant loss in public and private sector jobs; a deteriorating infrastructure; higher sales taxes than any of the states; $74 billion in public debt plus another $49 billion in unfunded pension obligations; and defaults on payments to bondholders. This book also discusses how the socioeconomic and demographic outcomes differ among stateside Puerto Ricans, including recent migrants, in traditional settlement areas such as New York versus those in newer settlement areas such as Florida and Texas. Florida is now home to 1.1 million Puerto Ricans (essentially the same number as those living in New York) and received a full third of the migrants from the island to mainland during this time. Scholars interested in the transition of migrants into their receiving communities (regardless of the Puerto Rican case) will also find this book to be of interest, particularly with respect to the comparative analyses on earnings, the likelihood of being impoverished, and self-employment.
Over a century ago the United States Supreme Court decided the “Insular Cases,” which limited the applicability of constitutional rights in Puerto Rico and other overseas territories. Essays in Reconsidering the Insular Cases examine the history and legacy of these cases and explore possible solutions for the dilemmas they created.
Recovery of the Puerto Rico economy in the aftermath of Hurricanes Irma and Maria means not only rebuilding the public and private infrastructure, supply chains, human capital, and other contributors to economic output but also reversing negative economic trends that existed and presented major challenges to growth even before the storms hit. In their report, the authors explain the history of economic development and policy in Puerto Rico and discuss the state of the prestorm economy, including key economic challenges. They use the historical data on overall economic activity (unrelated to the hurricanes) to construct a counterfactual to assess the net causal effect of Hurricanes Irma and Maria on Puerto Rico's economy. The counterfactual examines what would have happened to employment, labor, population, and tourism, as well as the government of Puerto Rico's fiscal position, had the hurricanes not occurred. Observed economic indicators following the storms are then compared to this counterfactual to estimate the real net economic consequences of the hurricanes, including overall damage from the storms and the effect of the recovery effort. The analysis provides considerable detail on the conditions in Puerto Rico before and after the 2017 hurricane season so that decisionmakers can adopt better policies in rebuilding a sustainable and healthy economic sector and, more broadly, the whole of Puerto Rico. The authors recommend a set of principles based on economic theory and provide courses of action included in the recovery plan compiled from their findings about prestorm conditions and trends and the input/observations of on-the-ground partners and stakeholders in the recovery effort. Book jacket.
This book expresses the reasons to embark on a production management system and begin a journey to a better social and economic life in Puerto Rico. Among the population of Puerto Rico there is a simultaneous presence of a high rate of unemployment and a well-educated workforce. How has this happened? How could the country overcome this economic situation and return to a path of sustainable economic growth in the short and long term? The study here presented introduces an objective and scientific input on these economic issues that are impacting the Puerto Rican society. Achieve greater economic and social welfare in a geographic area is based on increasing individual productivity that workers and employees can unfold in different workplaces, business and industries. The increase in productivity of the economy of Puerto Rico requires both individual effort and enterprise work.
How has an archaic, burdensome law been able to persist for a century? Passed in 1920, the Jones Act restricts the waterborne transport of cargo within the United States to vessels that are U.S.-flagged, U.S.-crewed, U.S.-owned, and U.S.-built. Meant to bolster the U.S. maritime sector, this protectionist law has instead contributed to its decline. As a result, today’s U.S. oceangoing domestic fleet numbers fewer than 100 ships. Beyond leaving a shrunken and uncompetitive maritime sector in its wake, the law has also inflicted considerable damage on the broader U.S. public that range from higher transportation costs to increased pollution. The chapters in The Case against the Jones Act delve into some of the act’s founding myths and the false narrative its supporters have helped to perpetuate. The book evaluates the law’s costs, assesses its impact on businesses, consumers, and the environment, and offers alternatives for a way forward. The Jones Act’s failures reveal that the status quo is untenable. Contributors to this volume hope that the evidence presented will spark discussion about the Jones Act and lay the groundwork for the repeal or significant reform of this outdated law.