Economy
In early times, a system of exchange based on sea shells existed on Kosrae, although little is currently known about how it operated.
Since the 1960s, the Kosraean government has become the main employer on the island, where fishing and traditional farming remain the main source of the islanders' subsistence. Imports have replaced almost all other native manufactures. The U.S dollar is the official currency used in Kosrae and throughout Micronesia.
There is a small tourism industry, mainly centered around scuba diving on the coral reef that rings the island.
Read more about this topic: Kosrae
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)
“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)
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)