A growing literature on scholarly and practical approaches to conservation and development uses a livelihood approach to understand rural peoples’ diverse assets and activities, especially as they serve to minimize vulnerability to economic and ecological shocks. In recent years, the suite of potential assets available to rural households has been theorized as human, natural, physical, social, and cultural capitals and includes the context in which they are used. Here we explore Wounaan livelihood strategies and how they articulate with the (...) dynamic political economic history of eastern Panama. Known in Panama as forest dependent swiddeners, semi-structured interviews and participant observation revealed Wounaan’s increasing reliance on fishing, artisanship, and ecotourism in their income profiles. While these income sources are linked to decreasing land availability and increasing market opportunities, we address the role of cultural beliefs and values in Wounaan negotiation of their income strategies. (shrink)