Puerto Rico Economy

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Puerto Rico Puerto Rico is an amazing country and is one of the few countries that is also its own island. It is covered with beautiful nature and has old castles and cities from when it was founded. It is widely known as a perfect vacation spot and is filled with friendly people. The official name of Puerto Rico is the Commonwealth of Puerto Rico. Puerto Rico is located in Central America at the eastern end of the Greater Antilles; an island in the Caribbean Ocean with Hispaniola to the west and the Virgin Islands to the east. The Island is 9,104 km2 large and has its border being the ocean because it has the ocean all around it. The early history begins somewhere between 4000 to 2000 years ago when los Arcaicos lived in Puerto Rico.…show more content…
The ability to industrialize came from the power that came from the Water Resources Authority. The Government Development Bank would give money to private industry and help encourage the industrialization. The currency of Puerto Rico is the U.S. dollar. Fomento (Economic Development Administration) plays the biggest role in helping industrialization. It builds factories and sells them to private investors. It helped by getting money from outside the country and it had great success. It started more than two thousand factories on the island and by the1990s manufacturing replaced agriculture as the main income of Puerto Rico. One-third of Puerto Rico is farmable and farm land is highly valued. The increase in manufacturing almost destroyed the agriculture of Puerto Rico. The government bought the fields from the owners but there are only two refineries in use. The production of sugar cane dropped from 1.4 million tons to 74 thousand. Tobacco and coffee also suffered and they could no longer export them but only supplied to a local…show more content…
Mining is a small industry in Puerto Rico and produces stone, sand, gravel, and lime. Puerto Rico made 1.4 million tons of cement that came from factories in San Juan and Ponce. Education was not strong in Puerto Rico before 1948 when the governor was allowed to hire a commissioner of education. After then more people attended school and the literacy rate improved forty percent. The three main universities in Puerto Rico are the Catholic University, The University of Puerto Rico, and the Inter-American University. Most universities have full night classes for people who work during the day. More small colleges that focus on certain fields are formed on the island for student bodies with 500 to 3000 students. The climate of Puerto Rico is tropical and beautiful to visit and the Cordillera Central is a chain of volcanic mountains that lies across the island. The Luquillo Mountains is a smaller range and is located in the north eastern corner. None of the rivers on the island can be travelled on by boats. The Arecibo River is the longest of these rivers and there are similar waterways all over the island such as the Yauco, An~asco, Bayamo`n, Civuco, Culebrinas, and La

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