The last untraveled places
Throughout the years, humans have visited or cultivated almost every part of our known world. But there are still two major mysteries in our surroundings. Apart from the deepest points of the ocean, space is another little cultivated sphere. Apart from the moon landing, the ISS, and some Mars rovers, we know very little about the endless possibilities right above us.
A new economy is emerging
But this is going to change rather soon. With the global advancements in technology, a practically unlimited amount of money from investors, and the importance of space both economically and geopolitically, we will be experiencing the creation of a new economy that could hit 1 trillion US-Dollar in value in 2040 according to Morgan Stanley. And this should be no surprise. Space offers many possibilities to solve current issues. Satellite internet connection could allow many people without the proper infrastructure to receive a high-end internet connection just by having access to the sky. Asteroids floating around the earth could provide us with rare minerals and metals that we would be running out otherwise. Additionally, there are the possibilities of space tourism and further exploration of our known universe.
Nations need to come together to create benefits for all and not only few
The possibilities seem endless, but these developments can also be worrying. Few countries will be competing for supremacy in this new economy and will be directly profiting from it. Smaller, less developed and wealthy countries are likely to be excluded. This will only further increase the gap between the developed and the less developed world. Besides that, a space economy also bears the risk of new geopolitical conflict across the super powers of our world. The space race is too important to lose and a first-mover advantage could decide the winner. But we will see how this race plays out. Space is still a place free of major laws and regulations and the nations of this world will have to come together at some point and change this if they want to prevent monopolies from happening to some extent.
Cultivating space could be a uniting, world-wide project
Seeing the potential impact of further exploration and cultivation of space could create a project the whole world wants and needs to take part in. The importance is too high and the potential for exclusion is given. Nations need to get together and set up rules, regulations, and laws. Otherwise, we might just have some more advanced and powerful nations soon rather than a better planet earth. Together with climate change, space economy is a thing that needs to be dealt with on a global level. Countries need to work together and not against each other to make the best of the technological advancements that we currently have.
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If you would like to exchange with Marco on this topic, you can reach out to him on LinkedIn: Marco Megele CEMS Club Vienna
