Economy
From 1979 to 1989, Montserrat was home to a branch of George Martin's AIR Studios, making the island popular with musicians who often went there to record while taking advantage of the island's climate and beautiful surroundings.
Since the devastations of Hurricane Hugo and the eruption of the Soufriere Hills Volcano, the Montserratian economy has been effectively halted. Export businesses currently based in Montserrat deal primarily in the selling and shipping of aggregate for construction. Imports include virtually everything available for sale on the island.
The island's operating budget is largely supplied by the British government and administered through the Department for International Development (DFID) amounting to approximately £25 million per year. Additional amounts are secured through income and property taxes, license and other fees as well as customs duties levied on imported goods.
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Famous quotes containing the word economy:
“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)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)