The arctic economy in a global context

Abstract

Change has been a characteristic of the Arctic economy since its early history. Today the pattern of change differs from the past in its magnitude, its rate of change, and the complexity of Arctic changes. The differences reflect a number of sources - climate warming, increased accessibility, and economic integration with global markets. This new pattern of change will produce significant impacts on the economies of the Arctic region, from main centers to smaller local communities. In this chapter we consider a number of sources of change, and reflect on the impacts for the new Arctic. We conclude that while the new Arctic will hold many promises and opportunities for formal and informal economies across the region, there are critical challenges to be addressed as the economy becomes an increasingly important player in the global context.