Strength and Impotence. The Developing Countries and the Development in New Territories

Abstract

This article examines the possible political and economic effects of large-scale mineral extraction from the seabed. The findings presented indicate that development in new territories may conceivably serve to exacerbate existing conflict dimensions, notably the North/South dimension in global politics. Because of the developed countries' monopoly on know-how and economic capability, exploration and exploitation of the inorganic resources of the ocean floor has de facto been the exclusive domain of these countries. On the basis of this the author shows that if large-scale production of seabed resources should become a reality in the near future, the underdeveloped countries will be forced to watch it from the sidelines. As a consequence, the exploitation of offshore raw materials will probably contribute to the further widening of the gap between developed and underdeveloped countries. Further commenting on the fact that the latter today are the main producers of the most promising seabed resources, the author expresses the view that exploitation will have a detrimental effect on the economics of the Third World countries, since it might lead to overproduction and price reductions.