Economic Growth

Hello, Professor Steve. Would you elaborate how economic growth is location specific? Thank you, Alan. Today I would like to talk about relationship between natural resources and economic development of the country. The world's also been defined by the basic fact that the location of these vital minerals and energy deposits is highly variable around the world. You're looking here at a map depicting the coal deposits in the world, lots of coal in North America, in Russia, China, India, Australia, South Africa. But look at the rest of Africa, almost devoid of coal, almost impossible for Africa to industrialize in the 19th century, until, indeed, until very recently. A lot of South America with very limited coal deposits. In the next picture, you're looking at oil reserves where they're located. Of course, the Middle East is the center of about 70% of the reserves of oil around the world. Again, much of Africa, devoid of oil. Again, another great limitation to Africa's economic development until recently. The United States, blessed with oil, just as it was blessed with coal, blessed with almost everything. A continent of vast mineral resources. The next map shows you where natural gas is produced. Again, in parts of Russia, the former Soviet Union, the Middle East, the United States, of course. Sad again for Africa, not many major natural gas producers. Well, a short history really requires days, months to discuss this core subject of how mineral resources and energy resources transform the world, time and again, and shape geopolitics. Where there's been oil, coal and gas, there's been a competition that's intense.