Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal
Arctic ice caps have been melting at an increased pace and projected climate changes imply that the extension of the Arctic ice caps will be greatly reduced in the near future. This climatic phenomenon will open up shipping routes in the Arctic. Until now, media and academic attention has centered o...
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ftagecon:oai:ageconsearch.umn.edu:332671 2024-09-15T18:25:57+00:00 Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal Francois, Joseph Leister, Amanda M. Rojas-Romagosa, Hugo 2023-03-03T21:38:51Z http://ageconsearch.umn.edu/record/332671 https://ageconsearch.umn.edu/record/332671/files/7306.pdf eng eng https://ageconsearch.umn.edu/record/332671/files/7306.pdf http://ageconsearch.umn.edu/record/332671 http://ageconsearch.umn.edu/record/332671 Text 2023 ftagecon 2024-07-05T14:25:52Z Arctic ice caps have been melting at an increased pace and projected climate changes imply that the extension of the Arctic ice caps will be greatly reduced in the near future. This climatic phenomenon will open up shipping routes in the Arctic. Until now, media and academic attention has centered on the use of the Northern Sea Route that will connect Northeast Asia with Northwestern Europe and affect the traffic through the Suez Canal (cf. Francois and Rojas-Romagosa, 2015). However, melting Arctic ice caps will also make the North West Route (NWR) a feasible trade route for high volume commercial traffic. This route will reduce the shipping distances between Northeast Asia with the East Coast of the United States and Canada. In this paper we analyze the commercial feasibility of the NWR and the economic impact of reducing the trade distances between Asia and the United States. In particular, we expect that the NWR will become a direct competitor with the Panama Canal for certain trade routes and this will have significant geopolitical implications linked to both a drop in traffic through the Panama Canal as well as changes in the global supply chains that currently link East Asia and the United States. Text Northern Sea Route AgEcon Search - Research in Agricultural & Applied Economics |
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AgEcon Search - Research in Agricultural & Applied Economics |
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ftagecon |
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English |
description |
Arctic ice caps have been melting at an increased pace and projected climate changes imply that the extension of the Arctic ice caps will be greatly reduced in the near future. This climatic phenomenon will open up shipping routes in the Arctic. Until now, media and academic attention has centered on the use of the Northern Sea Route that will connect Northeast Asia with Northwestern Europe and affect the traffic through the Suez Canal (cf. Francois and Rojas-Romagosa, 2015). However, melting Arctic ice caps will also make the North West Route (NWR) a feasible trade route for high volume commercial traffic. This route will reduce the shipping distances between Northeast Asia with the East Coast of the United States and Canada. In this paper we analyze the commercial feasibility of the NWR and the economic impact of reducing the trade distances between Asia and the United States. In particular, we expect that the NWR will become a direct competitor with the Panama Canal for certain trade routes and this will have significant geopolitical implications linked to both a drop in traffic through the Panama Canal as well as changes in the global supply chains that currently link East Asia and the United States. |
format |
Text |
author |
Francois, Joseph Leister, Amanda M. Rojas-Romagosa, Hugo |
spellingShingle |
Francois, Joseph Leister, Amanda M. Rojas-Romagosa, Hugo Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
author_facet |
Francois, Joseph Leister, Amanda M. Rojas-Romagosa, Hugo |
author_sort |
Francois, Joseph |
title |
Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
title_short |
Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
title_full |
Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
title_fullStr |
Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
title_full_unstemmed |
Melting Ice Caps: Implications for Asia-North America Linkages and the Panama Canal |
title_sort |
melting ice caps: implications for asia-north america linkages and the panama canal |
publishDate |
2023 |
url |
http://ageconsearch.umn.edu/record/332671 https://ageconsearch.umn.edu/record/332671/files/7306.pdf |
genre |
Northern Sea Route |
genre_facet |
Northern Sea Route |
op_source |
http://ageconsearch.umn.edu/record/332671 |
op_relation |
https://ageconsearch.umn.edu/record/332671/files/7306.pdf http://ageconsearch.umn.edu/record/332671 |
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1810466418083233792 |