M Business 5th Edition by Ferrell,Geoffrey Hirt,Linda Ferrell

Exercise 1

Greenland has experienced significant changes as a result of global warming. It has lost over 600 billion tons of ice sheet mass since 2003, and its plants and animals are beginning springtime activities weeks earlier than before. However, the situation has a silver lining for Greenland. The melting ice has made newly accessible a variety of mining sites, and foreign companies are contracting with the government for development rights. The changing climate has increased production for animal farms, improved some fishing yields, and allowed cultivation of crops that would previously never have survived. Furthermore, the global attention Greenland has been receiving for the effect of climate change on its environment has led to a boost in tourism. These economic opportunities are especially important for Greenland because they may provide an avenue toward independence. Greenland remains under the sovereignty of Denmark. Both countries have expressed interest in Greenland's independence, but Greenland still receives significant economic support from Denmark to sustain its imports and governmental programs. New sources of income could allow Greenland to become financially self-sufficient and resolve a significant piece of what still holds it to Danish influence. There are disadvantages to development, however. Traditional and deeply respected Inuit professions, such as whale and seal hunting, have been greatly hampered by global warming and the new mining operations. Also, considering Greenland's entire population is only 56,000, a large increase in economic activity will likely mean many foreign workers. Some citizens worry about becoming a minority. There is also the problems that global warming is likely to cause the planet as a whole. Greenland will have to mitigate these downsides as best as possible as it moves toward independence. 21
What role has the global nature of modern business played in Greenland's new economic opportunities?