Economy
The cash economy of the Commonwealth was mostly agriculture-based. Products included abaca, coconuts and coconut oil, sugar, and timber. Numerous other crops and livestock were grown for local consumption by the Filipino people. Other sources for foreign income included the spin-off from money spent at the American army, navy, and air bases on the Philippines, such as the naval base at Subic Bay and Clark Air Base (with U.S. Army airplanes there as early as 1919), both on the island of Luzon.
The performance of the economy was initially good despite challenges from various agrarian uprisings. Taxes collected from a robust coconut industry helped boost the economy by funding infrastructure and other development projects. However, growth was halted due to the outbreak of World War II.
Read more about this topic: Commonwealth Of The Philippines
Famous quotes containing the word economy:
“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)
“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)
“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)