Economy
The Great Lakes are today used as a major mode of transport for bulk goods. In 2002, 162 million net tons of dry bulk cargo were moved on the Lakes. This was, in order of volume: iron ore, grain and potash. The iron ore and much of the stone and coal are used in the steel industry. There is also some shipping of liquid and containerized cargo but most container ships cannot pass the locks on the Saint Lawrence Seaway because the ships are too wide. The total amount of shipping on the lakes has been on a downward trend for several years.
The Great Lakes are used to supply drinking water to tens of millions of people in bordering areas. This valuable resource is collectively administered by the state and provincial governments adjacent to the lakes.
Tourism and recreation are major industries on the Great Lakes. A few small cruise ships operate on the Great Lakes including a couple of sailing ships. Sport fishing, commercial fishing, and Native American fishing represent a U.S.$4 billion a year industry with salmon, whitefish, smelt, lake trout and walleye being major catches. Many other water sports are practiced on the lakes such as yachting, sea kayaking, diving, kitesurfing, and lake surfing.
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Famous quotes containing the word economy:
“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)
“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 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)