We use cookies to give you the best experience possible. By continuing we’ll assume you’re on board with our cookie policy

Natural Resources and Growth Essay Sample

essay
  • Pages: 4
  • Word count: 1,044
  • Rewriting Possibility: 99% (excellent)
  • Category: economic

Get Full Essay

Get access to this section to get all help you need with your essay and educational issues.

Get Access

Introduction of TOPIC

Air, wood, coal, petroleum, diamonds, solar and wind energy are some examples of the Earth’s natural resources. These sources occurred naturally within the environment. Many of these resources are essential for our continued existence while others are used for gratifying our wants.

As mentioned in the video, countries can boost their economical growth if these natural resources if they are to be used efficiently. Along with economical gain comes along with an increase international of political and military power. In addition, the video indicated that Europe was the first group of countries that went industrialized due to their growth of coal and iron industries. This in turn has gained them military advantages that allowed the European colonization of Africa, South American and Asia. During this time, the exploitation of these colonized nations’ natural resources had gain a tremendous amount of wealth to European countries.

Although, natural resources influence economic growth, but the relation between prosperity and countries with abundant resources is not as easy to predict. For instances, the video listed the Organization of Petroleum Exporting Countries (OPEC) nations in the Middle East have gained great wealth and political voice since the cartel, a group of sellers who join together to limit supply, formed in the 1960s. Cartel members united to enjoy the increase the price since so many other economies depended on of their product. On the contrary, continent with an abundance of natural resources such as Africa tend to have a lesser amount of economic growth and worse development outcomes than countries with fewer natural resources due to the consequences of specialization, conflicts within societies as different groups and tribal fight for their share or the tug of war between people and government. The film listed Angola as one of the countries that is currently struggling through these issues.

Possible solution for issue such as specialization of natural resources in Africa is the idea of diversifying the country economic into other sectors in order to stimulate growth. However, this would not be accomplished easily due to the political status in Africa. Other solutions that mentioned in the video are energy conservation, nuclear energy, and solar energy.

Energy conservation is a vita

l part of reducing climate change. Energy conservation refers to the attempt made in order to reduce

Sorry, but full essay samples are available only for registered users

Choose a Membership Plan
energy consumption. This can be achieved through increased proficient energy use, in combination with decreased energy consumption. Through out the world, energy conservation facilitates the alternate of non-renewable resources with renewable energy. Energy conservation is often the most cost-effective resolution to energy shortages.

According to Ministry of Economy Trade and Industry, The Energy Conservation Center promotes energy efficiency in every aspect of country such as Japan. According Building Britain’s Future magazine, the Low Carbon Transition Plan launched by the British government in 2009 intends at thirty percent of renewable and of forty percent of low carbon dioxide content fuels in electricity generation by 2020. In country such as Iceland, about eighty one percent of total primary energy supply is obtained from domestically produced renewable energy sources (Renewable energy in Iceland, 2009). The United States have incentives to encourage its citizens to get involve in energy conservation. Some of these programs are The Energy Policy Act of 2005 which provide a tax credit of thirty percent of the cost of the new item with a limit of $500. The plan supposed to expire at the end of 2007 but was prolonged to 2010 and the collective limit increased to $1,500 by the Energy Improvement and Extension Act of 2008 and The American Recovery and Reinvestment Act of 2009 (Database of State Incentive for Renewable and Efficiency, 2010).

In my opinion, the challenge to become energy independent is a national and economic security issue. Similar to any other economic motion, the fundamentals of supply and demand implied here. The fact is that oil prices are gradually climbing to be above $100 for the past few months, despite strong political pressure to lower them. We can put blame the OPEC policies, and the oilmen, or politicians will not solving the problem.

We can not turn back the clock, but we can take serious steps towards employing promising, abundant, and clean energy sources such as Solar and Wind. We do not need the government to tell us how to do it. However, we need government incentives for as long as needed to propel our country through this development stages. Just think of the role of the government in energy independence as a provider of the materials to build a bridge. We do not expect the government to build the bridge, and we do not ask them to provide more material than what is needed to build that bridge. But we need reliable, stable and high quality material that we can count on to build a solid bridge to energy independence. That means Congress needs to pass an energy bill that extends tax credits for wind and solar as soon as possible. They also need to extend the credits not on an annual basis but provide confidence by extending it for ten years, or more. In addition, I think the Congress can add provisions to the bill to generate an annual analysis to review the bill and readjust the incentives to ensure proficient execution of the plan. So stop stalling, and act as if the future of our country, and possibly the world depends on it.

Resources:

Database of State Incentive for Renewable and Efficiency. Retreived from: http://www.dsireusa.org/incentives/incentive.cfm?Incentive_Code=US43F

Building Britain’s Future. (2009). The UK Low Carbon Transition Plan: National Strategy for Climate and Energy. Retreived from http://www.decc.gov.uk/assets/decc/White%20Papers/UK%20Low%20Carbon%20Transition%20Plan%20WP09/[email protected]@_lowcarbontransitionplan.pdf

Ministry of Economy Trade and Industry, http://www.meti.go.jp/english/press/2011/1122_01.html

Renewable energy in Iceland (2009). Retreived from

http://www.res.is/is/page/energy_in_iceland

We can write a custom essay on

Natural Resources and Growth Essay Sample ...
According to Your Specific Requirements.

Order an essay

You May Also Find These Documents Helpful

Political and economic matters

Between the years of 1820 and 1848, there were several preeminent political and economic matters that had modified the American society. During this time, President Andrew Jackson was in office, and his term was well-known as the Jacksonian era. More so because it had lead to better democracy by the increase in political reforms and improvements. This had influenced principles or goals of the American society, and it all lead to industrialization, and an upswing of democracy which caused a vast form of nationalism, and encouraging the common man to take part in politics. America’s factories had boosted the economic rankings greatly, for example, the southern states had their most vital invention, the cotton gin. Whereas, the northern states had factories that had obtained outrageous working conditions. Those of whom benefited from this were the one who owned the factories. In Document 5, it states how the domestic industries were...

IKEA marketing strategy

Operational process: As a multinational corporation, IKEA adopts a strategy that varies from their competitors with the sole aim of achieving a sustainable competitive advantage. The operation strategy of IKEA emphasizes of its mission of creating furniture with top-notch quality and durability at affordable prices for its consumers. IKEA founder, Ingvar Kamprad saw that most people have a simple lifestyle and live economically because people work really hard. This shows that people would only buy the things that they feel are more of a necessity to them and majority of the customers would deliberate over purchasing not so luxurious and high price things. And from that observation, he came up with an innovative idea that furniture can be expertly designed and most importantly prices are set low and can be affordable to the customers, in that way customers surely will find a way to fit in their budget but also...

Economic Outlook for the Region

A prime mover is someone who has responsibilities or control over a business in order to execute a plan. Three pros that explains this in relation to CARICOM will be; 1. One of the benefits that CARICOM members got from this was being able to trade free within regions from the year 1974 when they initiated it. They removed all barriers to help this decision be actioned, this did not only improve revenue but it also improved the relationships with the members of states, which encouraged more trading of goods and services. 2. They improved the standard of living by creating better employment opportunities for their citizens. This also helped citizens of each member state to get the opportunity to leave their state to go to another to work, this was possible for them through the elimination of the work-permit system, definite entry for the six months period, the rights to...

Popular Essays

logo

Emma Taylor

online

Hi there!
Would you like to get such a paper?
How about getting a customized one?