The Economic Development of Natural Resources: Fracking and Self-Regulation in the Market for Land
Keywords:Development Studies, History, Hydraulic Fracturing
AbstractThe purpose of this piece is to apply some of the lessons learned during the period of industrialization in 19th century Europe to the study of the effects and appropriate regulation of the contemporary process of hydraulic fracturing, or fracking, in the natural gas industry. An attempt is made to support the conclusion that the harmful side effects associated with the creation of self-regulating markets for land, labor and money during the 19th century is paralleled today by the self-regulating character of the process of hydraulic fracturing. As a result, the negative consequences associated with industrialization are been visited again on present day market economies.
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