Abstract
In this article, the evolution of the economy of Puerto Rico, especially since the start of Operation Bootstrap is explained based on the concepts of "path dependence" and "ceremonial encapsulation". The author sets forth that the economic policy at present is not in correspondence with the institutional dynamics of the rest of the world. This is evidenced by the ineffectiveness of the promotion of investments by means of the outdated instrument of fiscal exemption. Neither enough economic activity is generated nor are sufficient jobs created as long as we remain on that path.Downloads
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