Economic History
During the slave days, the islands cultivated cash crops to earn money. In 1848, the governor granted the slaves emancipation, which was against the wishes of Danish Crown and devastated the economy of the islands. In 1917, a treaty was concluded in which the United States purchased the islands for $25,000,000.
The economy was boosted in the 1970s due to tourism and manufacturing.
The islands also receive cross-over subsidies, which generated approximately $100 million for the Virgin Islands in 2008.
With the help of funding from the American Recovery and Reinvestment Act of 2009, the Virgin Islands Next Generation Network (a government-owned subsidiary) is bringing broadband internet access to the territory, in an effort to stimulate the technology sector and business generally.
Read more about this topic: Economy Of The United States Virgin Islands
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