Analysis of Contemporary Economic Issues in the Circumpolar World

This report examines the effects of globalisation on the economy of the circumpolar region, encompassing countries like Russia, Canada, and others in the Arctic and subarctic. It explores the shift from resource-dependent economies to the influences of globalisation and fordist industrialism. The analysis covers both positive impacts, such as increased trade and technological advancements, and negative consequences, including social conflicts, resource depletion, and the decline of communities. The report highlights the role of government, the emergence of new trade markets, and the impact on communities, including the formation of associations and the use of technology for resource extraction. It also discusses the challenges of unemployment, overpopulation, and the reduced role of the state in these regions, emphasizing the complex interplay between global economic forces and the sustainability of the circumpolar world.

Contemporary issues of the
Circumpolar World - Economy
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Table of Contents
INTRODUCTION...........................................................................................................................3
REFERENCES................................................................................................................................4
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INTRODUCTION
With evolution of globalisation it has transformed the world economy. There has been a
great positive as well as negative impact on globalisation on country economy. In post
industrialism, world economies were highly dependent on natural resources. Resource dependent
towns were developed which was sign of globalisation. It resulted in economic liberalism. Now,
fordist industrialism has replaced globalisation. There is high flexibility in production, decrease
in role of state, etc. also, there were several factors which change new single industry towns.
They are use of technology, forming of resource dependent communities, planning, etc.
However, the positive impact is more as on world economy. As globalisation is affecting the
entire world so its impact is also seen on circumpolar region (Coates and Holroyd, 2020). They
are the northern region which is covered by arctic and subarctic north countries such as Russia,
Canada, Finland, Denmark, Iceland, etc. This is also leading to impacting on global economy.
Now, government is trying to increases trade with those countries where circumpolar regions are.
They are promoting trade through these regions. Thus, in global world new trade markets have
emerged like fishing, wood, etc. in addition, circumpolar communities are spreading around
world. Alongside in global world another change is that more companies are using technology to
trade in those regions. Government has allowed free trade but with some restrictions. The
sustainability of circumpolar region is sustained.
It has been analysed that due to globalisation, the circumpolar regions are affected in
negative way. the interference of external agencies and companies has created social conflict.
The residents feel insecure, powerlessness in those single industry towns. Globalisation has
forced in collapsing of communities in Russia. There is high decline in their economic growth
and development. The major reason for decline is liberalisation of natural resources, opening og
economy, etc.
The main areas in which trade has increased is fishing, mining, resource utilisation, etc.
Moreover, in Canada many communities and associations are been formed. It has enabled in
cooperating between government and large organisations. Along with it, new towns and districts
are been developed to promote trade and allow people to stay. Also, concept of liberalism is
followed which focus on development paradigm. Furthermore, it is evaluated that small towns
countries are identified in Canada and other nations. Majorly it is developed in north parts and in
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agricultural belt. In addition to it, technology is used by companies to identify those small towns
areas. Through technology resources are extracted and exported into global world market.
Moreover, it has been analysed that in there is high impact on global world. It has attracted
many other government and companies to explore that area and extract resources from it. Thus, it
has led to economic growth and development of global economy. It has provided employment to
people, their needs are fulfilled. There are many communities developed that is engaged in
global world (Hueffer, Drown and Hennessy, 2020).
But on contrary there is negative impact as well global world due to circumpolar regions. It
has been found that there is high decline in resources due to global market place. It has affected
on specific region. Thus, unemployment has risen due to migration of people. So, major changes
are been observed by communities residing there. Besides that, small city towns are been over
populated. The role of state and nation has decreased in these communities. In addition,
economic force of global trade has enforced it to allow migrant to engage in it (Coates and
Holroyd, 2020)
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REFERENCES
Books and journals
Coates, K.S. and Holroyd, C., 2020. Introduction: Circumpolar Dimensions of the Governance of
the Arctic. In The Palgrave Handbook of Arctic Policy and Politics (pp. 1-6). Palgrave
Macmillan, Cham.
Hueffer, K., Drown, D. and Hennessy, T., 2020. Factors Contributing to Anthrax Outbreaks in
the Circumpolar North. EcoHealth, pp.1-7.
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