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Who is to blame for the economic and political crisis in Puerto Rico—the United States or Puerto Rico? This book provides a fascinating historical perspective on the problem and an unequivocal answer on who is to blame. In this engaging and approachable book, journalist A. W. Maldonado charts the rise and fall of the Puerto Rican economy and explains how a litany of bad political and fiscal policy decisions in Washington and Puerto Rico destroyed an economic miracle. Under Operation Bootstrap in the 1950s and '60s, the rapid transformation and industrialization of the Puerto Rican economy was considered a “wonder of human history,” a far cry from the economic “death spiral” the island’s governor described in 2015. Boom and Bust in Puerto Rico is the story of how the demise of an obscure tax policy that encouraged investment and economic growth led to escalating budget deficits and the government’s shocking default of its $70 billion debt. Maldonado also discusses the extent of the devastation from Hurricane Maria in 2017, the massive street protests during 2019, and the catastrophic earthquakes in January 2020. After illuminating the century of misunderstanding between Puerto Rico and the United States—the root cause of the economic crisis and the island’s gridlocked debates about its political status—Maldonado concludes with projections about the future of the relationship. He argues that, in the end, the economic, fiscal, and political crises are the result of the breakdown and failure of Puerto Rican self-government. Boom and Bust in Puerto Rico is written for a wide audience, including students, economists, politicians, and general readers, all of whom will find it interesting and thought provoking.
Why do stock and housing markets sometimes experience amazing booms followed by massive busts and why is this happening more and more frequently? In order to answer these questions, William Quinn and John D. Turner take us on a riveting ride through the history of financial bubbles, visiting, among other places, Paris and London in 1720, Latin America in the 1820s, Melbourne in the 1880s, New York in the 1920s, Tokyo in the 1980s, Silicon Valley in the 1990s and Shanghai in the 2000s. As they do so, they help us understand why bubbles happen, and why some have catastrophic economic, social and political consequences whilst others have actually benefited society. They reveal that bubbles start when investors and speculators react to new technology or political initiatives, showing that our ability to predict future bubbles will ultimately come down to being able to predict these sparks.
A sweeping account of civilization's dependence on copper traces the industry's history, culture and economics while exploring such topics as the dangers posed to communities living near mines, its ubiquitous use in electronics and the activities of the London Metal Exchange. By the author of Fools Rush In. 30,000 first printing.
Explains how we got into the current economic disaster that developed out of the economics and politics of the housing boom and bust. The "creative" financing of home mortgages and "creative" marketing of financial securities based on these mortgages to countries around the world, are part of the story of how a financial house of cards was built up--and then collapsed.
A vast number of studies have documented the economic and geological effects of oil production, but the impact of boom-and-bust cycles on individuals and communities has received less attention. Boom or Bust remedies this gap by highlighting the personal experiences of those directly affected in an economy dominated by oil and natural gas production. The Permian Basin is one of the largest oil-producing regions in the United States. People who live there have benefited from explosive growth, only to see opportunities vanish with sudden industry downturns. In 2016, the National Endowment for the Humanities funded a grant for the study and collection of energy narratives in this economically volatile region. Boom or Bust derives from that community initiative and offers a unique contribution to the developing field of energy humanities. The oil-field industry may seem to be all about numbers, but as Boom or Bust demonstrates, residents of oil-and-gas country, whether they work in the oil field or not, are at the mercy of an ever-shifting economy. When the price of oil rises, companies move in and newcomers flood the area, expanding the employment force. And as the population booms, so does the infrastructure of cities. When prices drop, though, families must make difficult choices: whether to stay put or follow the oil to another location. With the ensuing declines in population, small businesses close their doors and unemployment levels rise. Despite the inevitable declines and despite the increase in alternative energy resources, many West Texans feel a sense of pride that borders on patriotism. Boom or Bust reveals the full complexity of boomtown culture.
In emerging economies periods of rapid growth and large capital inflows can be followed by sudden stops and financial crises. I show that, in the presence of financial markets imperfections, a simple modification of a neoclassical growth model can account for these facts. I study a growth model for a small open economy where decreasing marginal returns to capital appear only after the country has reached a threshold level of development, which is uncertain. Limited enforceability of contracts allows default on international debt. International investors optimally choose to suddenly restrict lending when the appearance of decreasing marginal returns slows down growth. The economy defaults and enters a financial crisis.
As OPEC has loosened its grip over the past ten years, the oil market has been rocked by wild price swings, the likes of which haven't been seen for eight decades. Crafting an engrossing journey from the gushing Pennsylvania oil fields of the 1860s to today's fraught and fractious Middle East, Crude Volatility explains how past periods of stability and volatility in oil prices help us understand the new boom-bust era. Oil's notorious volatility has always been considered a scourge afflicting not only the oil industry but also the broader economy and geopolitical landscape; Robert McNally makes sense of how oil became so central to our world and why it is subject to such extreme price fluctuations. Tracing a history marked by conflict, intrigue, and extreme uncertainty, McNally shows how—even from the oil industry's first years—wild and harmful price volatility prompted industry leaders and officials to undertake extraordinary efforts to stabilize oil prices by controlling production. Herculean market interventions—first, by Rockefeller's Standard Oil, then, by U.S. state regulators in partnership with major international oil companies, and, finally, by OPEC—succeeded to varying degrees in taming the beast. McNally, a veteran oil market and policy expert, explains the consequences of the ebbing of OPEC's power, debunking myths and offering recommendations—including mistakes to avoid—as we confront the unwelcome return of boom and bust oil prices.
A multi-disciplinary framework through which to spot financial bubbles before they burst. Based on a popular undergraduate seminar, entitled Financial Booms & Busts, taught by the author at Yale University, Boombustology presents a multi-disciplinary framework for identifying unsustainable booms and forthcoming busts. The magnitude of our recent financial crisis mandates a firm understanding of this phenomenon before the next crisis occurs. Boombustology provides an in-depth look at several major booms and busts and offers a solid framework for thinking about future occurrences. Examines why booms and busts are not random and can therefore be identified Focuses upon various theoretical and disciplinary lenses useful in the study of booms and busts Contains a framework for thinking about and identifying forthcoming financial bubbles including several tell-tale indicators of a forthcoming bust. Illustrates the framework in action by evaluating China as a potential bubble in the making. If you want to make better decisions in today’s turbulent investment environment, understanding the dynamics of booms and busts is the best place the start. Boombustology can help you achieve this elusive goal. Vikram Mansharamani is a Lecturer at Yale University and a global equity investor.
Not employment or inflation as argued during the Great Depression and years of Reaganomics, the mechanism that drives the business cycle is proven to be the housing and property market in this analysis of the instability of financial markets. The consequences of how neoclassical economics ignores the importance of land are presented in a discussion of the dot-com crash. Agricultural, industrial, and commercial property and the housing market are examined to suggest that policymakers must revise their treatment of land in economic decisions to avoid the next economic crash, predicted for 2010.
A glance at a list of America's fastest growing "cities" reveals quite a surprise: most are really overgrown suburbs. Places such as Anaheim, California, Coral Springs, Florida, Naperville, Illinois, North Las Vegas, Nevada, and Plano, Texas, have swelled to big-city size with few people really noticing—including many of their ten million residents. These "boomburbs" are large, rapidly growing, incorporated communities of more than 100,000 residents that are not the biggest city in their region. Here, Robert E. Lang and Jennifer B. LeFurgy explain who lives in them, what they look like, how they are governed, and why their rise calls into question the definition of urban. Located in over twenty-five major metro areas throughout the United States, numerous boomburbs have doubled, tripled, even quadrupled in size between census reports. Some are now more populated than traditional big cities. The population of the biggest boomburb—Mesa, Arizona—recently surpassed that of Minneapolis and Miami. Typically large and sprawling, boomburbs are "accidental cities," but not because they lack planning. Many are made up of master-planned communities that have grown into one another. Few anticipated becoming big cities and unintentionally arrived at their status. Although boomburbs possess elements found in cities such as housing, retailing, offices, and entertainment, they lack large downtowns. But they can contain high-profile industries and entertainment venues: the Los Angeles Angels of Anaheim and Arizona Cardinals are among over a dozen major-league sports teams who play in the boomburbs. Urban in fact but not in feel, these drive-by cities of highways, office parks, and shopping malls are much more horizontally built and less pedestrian friendly than most older suburbs. And, contrary to common perceptions of suburbia, they are not rich and elitist. Poverty is often seen in boomburb communities of small single-family homes, neighborhoods that once