Due to its central position in the Triangle of islands in the central group of the archipelago, the city and municipality of Horta has been the focus of economic activity on Faial. It was the staging and export centre for many of the economic cycles of the region; the export of woad, oranges, whale oil and Pico Verdelho wines were the products that historically built the economy of the island. Many of the landed gentry concentrated their shops, production facilities and homes in the city, while agricultural goods were shipped to the city before being sent on to Europe or North America. For a long time, the island of Pico was an exclave of Horta (with summer homes, parcels and herds owned by residents of Faial) until its emancipation on 8 March 1723.
After the failure of the economic cycles, through boom-and-bust economies (brought on by weather, disease or market deviation) the city of Horta became a staging point for the transatlantic shipment, firstly for the whaling fleets, but then later by the submarine cable companies that laid the communication lines from Europe to North America. These spurts of growth concentrated the population, political and economic classes within Horta and economic activities on Faial.
Horta today is polarized between the same dichotomy that existed between the hinter- and heartlands, with most primary economic activities (agricultural mostly) dispersed into the parishes, while the secondary and tertiary activities are concentrated in the three main parishes (Angústias, Conceição and Matriz). In addition, the prosperity of the early 20th century, concentrated on the transatlantic traffic, has developed into a tourist-oriented economy concentrated on the architecture, geographic, leisure and socio-cultural aspects of the island. This includes sightseeing tours and whale-watching expeditions that depart from the city, the arrival of semi-weekly cruise ships during the summer and cultural festivals that unite the local parishes and visitors throughout the year.
Read more about this topic: Horta (Azores)
Other articles related to "economy":
... Scotland has a western style open mixed economy that is closely linked with the rest of Europe and the wider world ... Traditionally, the Scottish economy has been dominated by heavy industry underpinned by the shipbuilding in Glasgow, coal mining and steel industries. 1970s and 1980s saw a shift from a manufacturing focus towards a more service-oriented economy ...
... During its history Quincy has been known as a manufacturing and heavy industry center, with granite quarrying dominating employment in the 19th century and shipbuilding at Fore River Shipyard and Squantum Victory Yard rising to prominence in the 20th century ... The recent decades have seen a shift in focus to several large employers in the financial services, insurance and health care sectors of the economy ...
... Copper mining is an important part of the economy of Katanga province ... Cobalt mining by individual contractors is also prevalent ...
... The war furthered the decline of the Iranian economy that had begun with the revolution in 1978–79 ...
... in General Theory of Employment Interest and Money that lower aggregate expenditures in the economy contributed to a massive decline in income and to ... In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment ... keep people fully employed, governments have to run deficits when the economy is slowing, as the private sector would not invest enough to keep production at the normal ...
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 (18171862)
“Cities need old buildings so badly it is probably impossible for vigorous streets and districts to grow without them.... for really new ideas of any kindno matter how ultimately profitable or otherwise successful some of them might prove to bethere is no leeway for such chancy trial, error and experimentation in the high-overhead economy of new construction. Old ideas can sometimes use new buildings. New ideas must use old buildings.”
—Jane Jacobs (b. 1916)
“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)