After a decade in depression, finally there is a consensus that Puerto Rico’s economy is broken. For almost four centuries Puerto Rico was a possession of Spain and since 1898 to the present, a non-incorporated territory of the United States. For more than five centuries now, the local economy system has been shaped and controlled by the colonial powers. Under the Spanish rule, Puerto Rico was a strategic port in the Caribbean, and exporter of agricultural products, particularly coffee and tobacco. After 1898, under U.S. rule, the insular economy became a sugar exporter, and after 1948 an industrial production hub. Despite moderate economic progress during the last decades, the colonial economic model is no longer sustainable.