The economy relies on offshore banking, financial services, high-tech manufacturing, and tourism. Agriculture and fishing, once the economic mainstays, have declined. Nonetheless, oats, barley, turnips, and potatoes are grown, and cattle, sheep, pigs, and poultry are raised. Dairying and fishing remain somewhat important, and Manx tweeds are made from local wool.
The monarch of Great Britain and Northern Ireland, represented by the lieutenant governor, is the head of state. The government is headed by the chief minister, who is elected by the legislature. The Isle of Man's bicameral legislature, the Tynewald, consists of the 11-seat Legislative Council, whose members are appointed, and the 24-seat House of Keys, whose members are popularly elected for five-year terms. The Tynewald is the world's oldest continuous legislative assembly
Traces of occupants of the isle from Neolithic times exist. Of interest are ancient crosses and other stone monuments, a round tower, an old fort, and castles. Occupied by Vikings in the 9th cent., the island was a dependency of Norway until 1266, when it passed to Scotland. From the 14th to the 18th cent. (except for brief periods when it reverted to the English crown) it belonged to the earls of Salisbury and of Derby. Since 1765, when Parliament purchased it from the Duke of Atholl, the isle has been a dependency of the crown, but it is not subject to acts of the British Parliament.