Economy
Over the centuries the island changed hands many times. Trading links with northern Europe are reflected in Fair Isle Haa, a traditional Hanseatic trading booth located not far from the South Harbour traditionally used by residents of the southern part of the island. But rent was paid to absentee landlords (who rarely visited) in butter, cloth and fish oil.
Fishing has always been an important industry for the island. In 1702, the Dutch, who were interested in Shetland's herring fisheries, fought a naval battle against the French warships just off the island.
Fair Isle is also famous for its woollen jumpers, with knitting forming an important source of income for the women of the islands. The principal activity for the male islanders is crofting. In January 2004, Fair Isle was granted Fairtrade Island status.
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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)
“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)