Beyond the Global Economy: constructing a framework for solar system economic development
As the concept of a space economy has rapidly become more feasible due to the economisation efforts of private companies such as SpaceX and ever more sophisticated technologies, an increasing amount of private entities have expressed interest in the economic exploitation of space. Amongst this backdrop, the last year’s have seen a paradigm shift from government led space missions to full fledged private enterprises. However, there is as of yet no broad international framework to regulate this practice, incorporating traditional national space programs and private companies.
The main challenge to large scale space exploitation is thus that it is still a largely strategic endeavour, without clear precedent, and requires decades of research, development and capital to be sufficiently profitable. Therefore, clear guarantees are needed that their efforts may continue over long periods of time. Some frameworks concerning global cooperation on space exploration exist, such as the ISECG, but clear codes of conduct regarding economic development in space are lacking. Institutions and guarantees are needed to encourage private and public investors to embark on these ambitious long term programs with potentially unlimited resource returns. The G20 is the primary international forum for the state of the Global Economy. Additionally, its
members constitute the leading nations with capable space programs. The G20 will thus be key in establishing the early core for a future self sustaining space economy. While this organisation is an ideal platform to adress such issues, it must produce a framework that will benefit all the nations of the world. Those are the challenges delegates will have to solve in this exciting committee.
The G20 is a comprehensive forum for world leaders to discuss international economic issues. Despite the G20 summit being held annually since 2011, it is still solely a coalition of economically strong nations and lacks a formal statute and mandate. It thus does not create international law. The G20 lets world leaders meet in a fairly informal setting to share their views on world problems. This informal setting has allowed the G20 to increasingly broaden its agenda beyond economic issues in the last few years, in order to include other relevant world problems. Overall, the aim of a G20 summit is to reach a general consensus amongst the leading economic powers on how to approach global challenges, enabling smooth worldwide development. This gives the G20 widespread political support. In this years GrunnMUN the G20 will go beyond its traditional focus on the global economy, and shall task itself with the construction of a framework for economic development in the wider solar system.