Author: Hitch, Thomas Kemper
The book is divided into two sections. The first, “From the Record,”traces the development of Hawaii’s economy from the moneyless, sharing, tribute, and barter system of the native culture to a plantation economy controlled from Honolulu and dominated by the Big Five.
In the second section, “As I Saw it,” Dr. Hitch describes the further development of Hawaii into a high-tech service economy, heavily based on tourism and military expenditures, increasingly involved in the multi-national global economy. He appraises the recent past and projects the future from the vantage point of his long career at Honolulu business community, first as director of research for the Hawaii Employers Council and then as Senior Vice President for Research at First Hawaiian Bank, until his death in August, 1989.
This volume is written for the general reader, but appendices address questions of particular interest to economists and business analysts. These include measuring the cost of living in Hawaii, estimating the growth rate of the state economy, and appraising its sensitivity to the national business cycle.