Puerto Rico's Future Entertainment Economy

By David R. Martin

Puerto Rico's Future Entertainment Economy expands on Mr. Martin's 2013 book Puerto Rico: The Economic Rescue Manual. This follow up work provides more detail and support for the entertainment economy that should serve as the basis of the island's economic revival and proud international identity.The cornerstone of Mr. Martin's proposal involves the building of a world-famous entertainment city on the site of former U.S. Naval Base Roosevelt Roads in Ceiba. A critical feature of the city will be a new two-runway international airport and integrated city transportation system that will obviate the need for cars. With a high-density, diversified entertainment city, Puerto Rico will have the physical infrastructure and capacity to host and entertain substantial numbers of visitors each day. As these activities will be truly aligned with Puerto Rico's genuine advantages and human talents, the economic multiplier effects will be felt throughout the island.

• Language: English
• Publisher: David R. Martin
• Release date: Feb 8, 2016
• ISBN: 9781310745454

David R. Martin

David R. Martin was born in Toledo, Ohio. He is a graduate Amherst College and the law schools of the University of Puerto Rico and New York University, the latter awarding him a master of laws in taxation. He has additional post-baccalaureate studies in accounting, finance and economics from Georgia State University. He practices corporate law in Atlanta, Georgia.

Book preview

Puerto Rico’s

Future Entertainment Economy

______

David R. Martin

www.abogar.com

Puerto Rico's Future Entertainment Economy

Copyright 2016 David R. Martin

All rights reserved.

Distributed by Smashwords

ISBN 9781310745454

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file version 1.0

Contents

DEDICATION

ACKNOWLEDGMENTS

PREFACE

CHAPTER 1: PUERTO RICO’S PURSUIT OF THE KNOWLEDGE ECONOMY STRESSES THE WRONG TYPE OF KNOWLEDGE

Puerto Rico’s low patent procurement.

Puerto Rico’s limited financial expertise.

CHAPTER 2: TOURISM AND ENTERTAINMENT ARE BETTER SUITED TO PUERTO RICO’S CORE ATTRIBUTES AND CAPABILITIES

Entertainment includes complex, high-order skills.

Using Puerto Rico’s talent pool.

CHAPTER 3: THE CORNERSTONE OF PUERTO RICO’S ECONOMIC TRANSFORMATION MUST BE THE CREATION OF A HIGH-DENSITY, DIVERSIFIED ENTERTAINMENT CITY ON FORMER NAVAL BASE ROOSEVELT ROADS

General description of the new city.

Key features

CHAPTER 4: A NEW HIGH-CAPACITY INTERNATIONAL AIRPORT IN CEIBA

Capital requirements – reference points

The LMMIA lease restriction on Ceiba’s airfield

CHAPTER 5: COMPETING WITH OTHERS

Hassle-free travel is the key.

The Dominican Republic & Cuba.

CHAPTER 6: A WORD ON MEDICAL TOURISM

CHAPTER 7: THE STATUS DEBATE

APPENDIX A: ARTISTS, ATHLETES & CELEBRITIES OF PUERTO RICAN ORIGIN

APPENDIX B: PUERTO RICO MUST WAKE UP FROM ITS TAX HAVEN DREAMS

APPENDIX C: BACKSTORY ON PUERTO RICO’S DEBT CRISIS

ABOUT THE AUTHOR

DEDICATION

To my fellow Puerto Ricans. Again.

If it’s obvious, it’s obviously wrong.

– A saying on Wall Street.

ACKNOWLEDGMENTS

I want to thank the scores of my homeland’s politicians, business people, economists and other experts, who dispute my thesis. Their overwhelming consensus is that Puerto Rico’s economic future depends upon building a knowledge economy through the use of tax exemptions.

Without an exacting challenge of each other’s views, the truth would not be born.

A special thanks to Dennis J. Markunas and Robert T. Collins Viera for their ever reliable wisdom and insight.

PREFACE

Puerto Rico is currently in the national and international spotlight. Although the island should be the object of worldwide attention, this attention should be earned for different reasons. Due to wrongheaded fiscal and economic policies, the U.S. territory has started to default on its complicated and unstainable $72 billion debt burden.[1] In late 2015, the President and Congress presented competing versions of legislation to address the crisis. Debt restructuring and federal oversight of Puerto Rico’s finances are the main points of the debate. Regardless of the final mix of these ingredients, in the end, people will feel pain and suffer losses.

The catalyst of this decade-old crisis is the island’s failure to revive an economy formerly supported by massive federal tax subsidies that expired in 2006. These federal incentives created artificial manufacturing and