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

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  • Ricardo R. Fuentes-Ramírez

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

Suggested Citation

  • Ricardo R. Fuentes-Ramírez, 2024. "Beyond Dependency in Puerto Rico: Exploring Social and Solidarity Industrial Policy as an Alternative for the Global South," Review of Radical Political Economics, Union for Radical Political Economics, vol. 56(4), pages 544-553, December.
    • Handle: RePEc:sae:reorpe:v:56:y:2024:i:4:p:544-553
    DOI: 10.1177/04866134241267362
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    More about this item

    Keywords

    industrial policy; social and solidarity economy; worker cooperatives; Puerto Rico;
    All these keywords.

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • L52 - Industrial Organization - - Regulation and Industrial Policy - - - Industrial Policy; Sectoral Planning Methods
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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