Economy
Modern commercial activities centre on tourism, crofting, fishing, and weaving including the manufacture of Harris tweed. Some of the larger islands have development trusts that support the local economy and, in striking contrast to the 19th and 20th century domination by absentee landlords, more than two thirds of the Western Isles population now lives on community-owned estates. However the economic position of the islands remains relatively precarious. The Western Isles, including Stornoway, are defined by Highlands and Islands Enterprise as an economically "Fragile Area" and they have an estimated trade deficit of some £163.4 million. Overall, the area is relatively reliant on primary industries and the public sector, and fishing and fish farming in particular are vulnerable to environmental impacts, changing market pressures and European legislation.
There is some optimism about the possibility of future developments in for example, renewable energy generation, tourism, and education, and after declines in the 20th century the population has stabilised since 2003, although it is ageing.
Read more about this topic: Outer Hebrides
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)
“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)
“War. Fighting. Men ... every man in the whole realm is in the army.... Every man in uniform ... An economy entirely geared to war ... but there is not much war ... hardly any fighting ... yet every man a soldier from birth till death ... Men ... all men for fighting ... but no war, no wars to fight ... what is it, what does it mean?””
—Doris Lessing (b. 1919)