Economy
As the capital of Uruguay, Montevideo is the economic and political centre of the country. Most of the largest and wealthiest businesses in Uruguay have their headquarters in the city. Since the 1990s the city has undergone rapid economic development and modernization, including two of Uruguay's most important buildings—the World Trade Center Montevideo (1998), and Telecommunications Tower (2000), the headquarters of Uruguay's government-owned telecommunications company ANTEL, increasing the city's integration into the global marketplace.
The Port of Montevideo, in the northern part of Ciudad Vieja, is one of the major ports of South America and plays a very important role in the city's economy. The port has been growing rapidly and consistently at an average annual rate of 14 percent due to an increase in foreign trade. The city has received a US$20 million loan from the Inter-American Development Bank to modernize the port, increase its size and efficiency, and enable lower maritime and river transportation costs.
The most important state-owned companies headquartered in Montevideo are: AFE (railways), ANCAP (Energy), Administracion Nacional de Puertos (Ports), ANTEL, ANCEL and ANTELDATA (telecommunications), BHU (savings and loan), BROU (bank), BSE (insurance), OSE (water & sewage), UTE (electricity). These companies operate under public law, using a legal entity defined in the Uruguayan Constitution called Ente Autonomo ("autonomous entity"). The government also owns part of other companies operating under private law, such as the national airline carrier PLUNA and others owned wholly or partially by the CND (National Development Corporation).
Banking has traditionally been one of the strongest service export sectors in Uruguay: the country was once dubbed "the Switzerland of America", mainly for its banking sector and stability, although that stability has been threatened in the 21st century by the recent global economic climate. The largest bank in Uruguay is Banco Republica (BROU), based in Montevideo. Almost 20 private banks, most of them branches of international banks, operate in the country (Banco Santander, ABN AMRO, Citibank, Lloyds TSB, among others). There are also a myriad of brokers and financial-services bureaus, among them Ficus Capital, Galfin Sociedad de Bolsa, Europa Sociedad de Bolsa, Darío Cukier, GBU, Hordeñana & Asociados Sociedad de Bolsa, etc.
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Famous quotes containing the word economy:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)