Economy
Faial's early economic growth was propelled by cultivation and processing of woad, a blue-coloured dye produced from a plant of the same name (in Latin, Isatis tinctoria). It was the only source for blue dye until the end of the 16th century when Portuguese trade routes started bringing indigo from the far east. Economic and population growth was also spearheaded by many legends of tin and silver, perpetuated by members of the Portuguese court.
The economy of the island generated some prosperity until 1957, when the Capelinhos Volcano erupted in the western part of the island, reactivating emigration to North America, supported by promises of aid made by Massachusetts senator John F. Kennedy to the affected populations.
The main agricultural resources of the island are potatoes, cereals, fruits, and wines, along with cattle (which makes up its dairy and meat industry). The city of Horta is the centre of commerce and services of the island.
In 1970s, after the “Revolution of the Carnations,” Portugal experienced economic growth, and an airport was opened; with it, tourists came. After Portugal's entry into the EEC, the standard of living rapidly grew and today the population generally prospers.
Read more about this topic: Faial Island
Famous quotes containing the word economy:
“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)
“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)