Governance of the Global Commons: The Deep Seabed, the Antarctic, Outer Space
No 14-29, World Economy Brief from Korea Institute for International Economic Policy
The global commons are resource domains or areas which no nation exerts sovereignty over. Three typical global commons include the deep seabed, Antarctica and outer space. These domains are considered important due to not only their abundant resources, but also for the security of mankind. These commons, however, have been free of any national or international regulation. The absence of exclusive property rights could lead to economic inefficiency and international conflicts. This inherent problem is put forth by Garrett Hardin in his famous article. In order to avoid such problems, many theories or principles are postulated. One of these principles is the principle of the common heritage of mankind (CHM). It has been accepted and applied to the global commons since it was incorporated into the United Nations Conventions on the Law of the Sea (UNCLOS). With improving technology and the emergence of developing countries, the application of the CHM has been a source of controversy. It has therefore become necessary to suggest new principles for the governance of the global commons. This article looks into the common properties of the global commons and the governance they are currently under.
Keywords: Governance; Global Commons; International Cooperation; Antarctica; Deep Seabed; Space (search for similar items in EconPapers)
Pages: 8 pages
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kiepwe:2014_029
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