Shipbuilding and The Maritime Economy
Due to the islands' isolation, for many years Bermuda remained an outpost of 17th-century British civilization, with an economy based on the use of the islands' Bermuda cedar (Juniperus bermudiana) trees for shipbuilding, and Bermudians' control of the Turks Islands, and their salt trade. Especially as its control of the Turks became threatened, Bermuda's mariners also diversified their trade to include activities such as whaling and privateering.
Read more about this topic: History Of Bermuda
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“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)