U.S. rise (lecture 8)September 20 - Industries Industry creates resource places o Demand side Need for resource inputs High demand high prices

U.S. rise (lecture 8)September 20 - Industries Industry...

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September 20, 2012 Industries Industry creates resource places o Demand side Need for resource inputs High demand high prices profitability o Supply side Investment Machinery Know how Search and discovery o Rising demand unleashes search for resources Timber Sugar & tobacco Coal Gold and silver Copper Urnanium o Technical change Resource surges o Economic upswings drive prices up o Higher prices trigger search and extraction o Waves of extraction hit producer regions o Boom times – for some Resource bubbles o Resource bottleneck drives up prices Usually in a boom or war Panic buying hits, prices soar E.g. oil o Financial furies hit resource markets Rising resource prices draw speculators E.g. 2008 as hedge funds fled mortgages Geography of extraction o Tied to physical geography Endowments, deposits, land But only up to a point Location & resources o Classical location theory Industry locates near resources E.g. Pittsburgh, Niagara o In fact, most resources move to industry Resource distribution Boomtowns
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o Sudden prosperity o Output rise o Labor influx Chaotic growth o Male, single, ‘sin’ Ghost towns o Aftermath Natural wealth o Rentier riches Families Guggenheim, hearst, Ghetty, Bush Places Saudi Arabia, Dubai Supply on the home front o Counterpoint to extensive frontier – intensification at home Europe the frist center of modern mining o Early manufacturing era 1450 North America o Usa next great center of mining
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  • Fall '08
  • Staff
  • Economics, Geography, Capital accumulation, Surplus product, Subsistence agriculture

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