Economics Endowment of Natural Resources Discussion Response
ANSWER
Insightful examples from your classmate’s talk show how location and natural resources have significantly fostered or impeded economic expansion throughout history. They emphasize France and the United Kingdom as two instances in particular. You might take into account the following to further elaborate on your classmate’s remarks and offer further examples:
Geographical Restrictions on Japan: Japan perfectly illustrates how geography can both help and hinder economic growth. Due to its hilly geography, which constrained agricultural land, the nation was forced to concentrate on industrial and technological advancement. As a result, Japan rose to prominence as a major industrial nation. However, due to its topography, it was also susceptible to quakes and tsunamis, which might hurt its economy.
Ancient Egypt and the Nile River: The annual flooding of the Nile River in ancient Egypt left nutrient-rich silt on its banks, resulting in fertile soil for farming. Due to this geographic advantage, the civilization flourished through intense farming, the creation of an excess of food, and the development of sophisticated civilizations.
Oil-rich Middle Eastern nations: As your classmate pointed out, Saudi Arabia and the United Arab Emirates have significantly benefited from the Middle East’s oil deposits regarding economic development. These countries’ substantial oil resources, support for infrastructure construction, and variety of businesses have allowed them to convert from relatively desolate environments to economic powerhouses.
Natural resources can both be a blessing and a burden in some African nations, as evidenced by the so-called “resource curse” in some instances. Countries with many natural resources, such as minerals, oil, or diamonds, frequently deal with corruption, inequality, and war, which impedes long-term economic growth. This problem is caused by an overreliance on resource exports, which can result in a disregard for other economic sectors.
Lacking direct access to the oceans, landlocked nations frequently confront difficulties with trade and transportation. Due to their reliance on neighboring nations for access to global markets in the absence of ports, this might increase transportation costs and impede economic progress.
Singapore’s Strategic Location: Singapore’s location at a critical maritime intersection has helped to make it a major economic powerhouse. It is a hub for finance, technology, logistics, and a worldwide trading center because of its deepwater port and connectivity.
Impact of deforestation: Economies like agriculture and logging have benefited temporarily due to the devastation of rainforests in nations like Brazil and Indonesia. However, disturbed ecosystems frequently lead to ecological harm, biodiversity loss, and long-term economic instability.
Resource Abundance in Chile: Chile is a significant producer of copper due to its extensive copper reserves. The money made from copper exports has helped to strengthen its economy. However, because it relies on a single resource, the nation is subject to changes in the price of copper worldwide.
You may contribute to a thorough conversation on how geography and natural resources have influenced the history of economic growth by including these extra examples and thoughts in your response.
QUESTION
Description
Please finish this discussion question. This question should base on one classmates’s discussion. I post it here also.
question: How in history have geography or endowment of natural resources promoted – or hindered – sustained intensive economic growth?
student’s discussion: In history, geography and endowment of natural resources both promoted or hindered sustained intensive economic growth. Personally, the geography is the most important factor for the economic growth in the world in that geography determines the condition of agricultural productivity, climate, and the number of natural resources. If geography didn’t matter in history, there would be no difference in economic condition among countries, and there would be no war for land and natural resources. As we all know, the economic condition of a few rich countries in poor areas is pulled by oil or other high-valued natural resources. From history, the economy of countries near ports grew rapidly and was maintained by the increasing population and trades. And some arid areas like middle east countries were hindered from developing their economy due to water shortage, poor transportation, and poor grain output. Two examples in history could be used to explain the importance of geography on economic growth. France, one of the four major economies in Europe, is richly endowed by nature resources and geographical advantages. The plain of France accounts for two-thirds of the total area, which provides a unique chance for the development of railways. With the various mountains including the Alps, Jura, and the Pyrenees and the extensive river system including the Seine river, the Loire and the Rhone. Therefore, France has convenient land, water, and air transportation. In addition, France has been a big producer of agricultural products and the world’s first tourist destination due to its fertile soil and beautiful natural landscape, which made a great contribution to economic development.
Another example is the geographic advantage of the United Kingdom, which had a huge impact on economic development. With the development of Britain’s long coastline and natural ports, the economy of Britain also developed rapidly for decades years. The Port of London is on the Thames from the capital to the north sea, providing a geographical advantage for British people to trade and communicate with other countries. The East India Company began to trade with countries in the East Indies through the Port of London in 1555, which promoted trades among countries and improved the economic development of Britain.
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