ABSTRACT
A couple have become rich by exporting oil, but the climate crisis signals the need to start shutting down most of the fossil fuel industry. Some have moved successfully into services; a few have become wealthy in offshore banking and financial services, but some of these are now being squeezed by anti-money laundering measures. Cruise tourism is an especially poor bargain for the islands, as most of the passengers that get off the ship are funnelled into gift shops and tourist experiences that the cruise lines also own. The tourism-dependent island economies have suffered particularly badly, with record falls in revenue and no alternative way to service external debt and pay for imports. The international development agencies are calling for billions of dollars in concessionary loans for the tourism-dependent island economies, coupled with external debt suspension or relief programmes, but donor nations will find this hard to justify against a background of urgent demand for government support for domestic businesses.
