No.159860
It depends on how large the island is, what natural resources we have, what our population is, the class character of the population & how developed industry is (is most of the population agrarian peasantry? Industrial factory workers? Is this a bullshit rape island where the population is a bunch of rich people and an unusually low amount of service workers?), what major regional or global powers we are closest to, how educated the population is, and what kind of investment we have to begin with. Also, how much of our existing economy is based on tourism?
Every decision I would make would have to follow from what material conditions we started with.
Ideally, it would be a large island with lots of natural resources, a bourgeois class who had already fled when we nationalized some of the industry and resources (and prevented them from fleeing with their previous ill-gotten capital), a well-educated and capable industrial working class who were willing to make weapons as needed, fertile fields where farmers had been growing good food for many years. We would have a conservative (conservationist) approach to our resources, seeking to celebrate as much of our island's natural beauty as possible, and nationalizing the profits of what we extract from the Earth. Natural monopolies would also be nationalized. Land speculation would be discouraged through a Georgist tax model.
The island nation would be self-sufficient to the fullest extent possible, only exporting goods and services in exchange for necessary imports. Industry and land value tax would be the primary sources of funding for public services, which would be created in accordance with public votes and measured against our capability to provide them. Communication would be very free, and arts would flourish - of course, this would be a very difficult thing to maintain if we were under siege by a major power seeking "regime change" or hegemonic control over our resources.