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:
“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)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)