Beyond Dependency in Puerto Rico: Exploring Social and Solidarity Industrial Policy as an Alternative for the Global South

Ricardo R. Fuentes-Ramírez

Review of Radical Political Economics, 2024, vol. 56, issue 4, 544-553

Abstract: This article challenges the mainstream economic argument that attributes Puerto Rico’s economic struggles to overly generous federal welfare programs or an excessively high minimum wage. It traces the root of the island’s structural economic issues to its mid-twentieth-century dependent growth strategy, pre-dating these commonly cited factors. Examining the role of Puerto Rican elites, the article argues that their vested interests in the current model could undermine a suitable industrial policy program. The article posits that the island’s vibrant worker cooperative movement and Social and Solidarity Economy (SSE) offer a more promising foundation for an effective industrial policy agenda. Finally, it introduces the concept of Social and Solidarity Industrial Policy as a framework for sustainable development in Puerto Rico and potentially other Global South economies, leveraging democratic state firms, worker cooperatives, and other SSE initiatives. JEL Classification: B50, L52, O54

Keywords: industrial policy; social and solidarity economy; worker cooperatives; Puerto Rico (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:56:y:2024:i:4:p:544-553

DOI: 10.1177/04866134241267362

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