Economy
Marinduque is an agricultural province, primarily growing rice and coconuts. Handicrafts from Marinduque are also exported to dıfferent parts of the world, and fishing is another important part of the economy. Mining was once an important player in the economy until a mining accident (the Marcopper Mining Disaster) occurred, bringing the industry to a standstill on the island and causing enormous damage to the people and the island. The provincial government has just recently sued Marcopper's parent company, Placer Dome, for $100 million in damages. Placer Dome was purchased in 2006 by Barrick Gold, who has now been joined in the lawsuit.
A significant role in Marinduque's economy is also played by tourism, especially during the lenten season. While this is not one of the larger parts of the island's economy, it has shown great growth. Recently, some residents are now engaged in butterfly farming. Butterflies are raised for export to countries in both Europe and the Americas. Locally, live butterflies are released in celebration on different occasions, such as birthdays, weddings, and some corporate events.
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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)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)