Puerto Rico: A History of Economic Shifts

Puerto Rico’s economic history is a complex narrative shaped by its geography, colonial past, and evolving relationship with the United States. As an island strategically positioned in the Caribbean, Puerto Rico has long been a crossroads of trade and cultural exchange. Its economic transformations have been influenced by global markets, shifting policies, and the resilience of its people. From the early days of indigenous trade and Spanish colonial rule to its modern struggles with debt and recovery, the island’s economy has undergone dramatic shifts that reflect broader historical forces.

Before European contact, Puerto Rico’s indigenous Taíno population lived in a society largely based on subsistence farming, fishing, and trade with neighboring islands. The arrival of Spanish colonizers in 1493 fundamentally altered the island’s economic structure, introducing mercantilist policies that prioritized resource extraction for the benefit of Spain. The encomienda system, which forced indigenous labor into agricultural production and mining, marked the beginning of Puerto Rico’s long history of external economic control. As sugarcane, coffee, and tobacco plantations expanded, the island became increasingly dependent on these cash crops, with African slaves and, later, poor laborers fueling the agricultural economy.

In 1898, Puerto Rico’s economic trajectory changed abruptly when the United States took control following the Spanish-American War. The transition from Spanish to American rule reshaped trade networks, introducing new economic policies that favored U.S. business interests. The Foraker Act of 1900 established a civilian government but left Puerto Rico politically and economically subordinate to the United States. The shift from a Spanish mercantile system to an American capitalist framework brought opportunities but also deep inequalities.

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Äänikirja: 29. maaliskuuta 2025