Abstract
LIKE most less developed capitalist economies, Puerto Rico has relied heavily on external capital. The long-run implications of externally financed growth are explored for Puerto Rico under alternative assumptions about domestic saving behaviour; the extent of external ownership and the gap between production and income are projected. The 1950-70 pattern of growth implied that eventually about 25 per cent of GDP would be repatriated and 90 per cent or more of the capital stock would be externally owned. Recent events suggest that this pattern will be difficult to sustain.
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