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Brain Drain in Puerto Rico

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Brain Drain in Puerto Rico
PUERTO RICO BRAIN DRAIN CRISIS
DANIEL VILLAFANE
BUSN 5000
WEBSTER UNIVERSITY

Abstract
Brain drain refers to the large-scale emigration of a large group of talented, skilled and knowledgeable individuals. This situation is also commonly referred to as “human capital flight.” Globally, some generals factors contribute to this situation. Puerto Rico has his own distinctive factors. Puerto Rico has a special relation, and a unique political status with United States that make it easier for islanders to find an opportunity in the greatest country of the world. A concise timeline will show how and when
“Puerto Rico became an asset to United States.” Remember, in financial accounting, assets are economic resources. Anything tangible or intangible that is capable of being owned or controlled to produce value and that is held to have positive economic value is considered an asset. While Puerto
Rico suffer a “brain drain” of human capital emigrating the host country enjoy a “brain gain.”
Timeline of Puerto Rico and United States Relationship since the Spanish-American War 1898 -The Spanish–American War whereby Spain relinquished its sovereignty over Puerto Rico. | 1900. The Foraker Act established the governing structure for the island of Puerto Rico. | 1917-The Jones Act granted U.S. citizenship to all residents of Puerto Rico. | 1947- Operation Bootstraps “Operacion Manos a la Obra” based on an exemption for federal taxes, section 931 of the U.S. Internal Revenue Code. Provided for exemptions of federal taxes for corporation operating in P.R. Puerto Rico entered a period of rapid industrialization and strong economic growth. (Carrion, 2009) | 1952- Proclaimed the Commonwealth of Puerto Rico. | 1963-Industrial Incentive Act, Section 931, increased the period of exemptions for 17 years. Puerto Rico became an important Center for the petro-chemicals and pharmaceutical


References: Barbosa, P. M. (2010, 06 15). Pedro M. Rosario Barbosa 's Blog. Retrieved from Quien Asesino la Seccion 936? "Who Killed Section 936?: http://pmrb.net/blog Carrion, M. E. (2009, 01 07). Puerto Rico Encyclopedia. Retrieved from Operation Bootstrap: http://www.enciclopediapr.org Dimick, I. (2012, 11 16). UTSA Alumni Association. Retrieved from The Key to Continued Brain Gain: Specialized Higher Education: http://therivardreport.com Nasser, H. E. (2012, 3 11). Puerto Rico 's population exodus is all about jobs. Retrieved from USA TODAY/News: http://usatoday30.usatoday.com Smith, C. (2013). Brain Drain Crisis. San Juan, Puerto Rico: El Nuevo Dia. Staff, C. O. (2012, March 12). caribbeanbusinesspr.com. Retrieved from Caribbean Business: http://www.caribbeanbusinesspr.com The Gemini Geek. (2013). What are effects of Brain Drain for a country? Retrieved from The Gemini Geek. Geek redefined: http://www.thegeminigeek.com U.S. Bureau of Labor Statistics . (2013). States Unemployment Rates. Retrieved from Puerto Rico Unemployment Rates: http://www.unemployment-rate.org/states/unemployment_rate/Puerto_Rico
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