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Economy
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Economy
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Overview
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Scientific undertakings rather than commercial pursuits are the predominate human activity in Antarctica. Fishing off the coast and tourism, both based abroad, account for Antarctica's limited economic activity. Antarctic fisheries, targeting three main species - Patagonian and Antarctic toothfish (Dissostichus eleginoides and D. mawsoni), mackerel icefish (Champsocephalus gunnari), and krill (Euphausia superba) - reported landing 141,147 metric tons in 2008-09 (1 July - 30 June). (Estimated fishing is from the area covered by the Convention on the Conservation of Antarctic Marine Living Resources (CCAMLR), which extends slightly beyond the Antarctic Treaty area.) Unregulated fishing, particularly of Patagonian toothfish (also known as Chilean sea bass), is a serious problem. The CCAMLR determines the recommended catch limits for marine species. A total of 37,858 tourists visited the Antarctic Treaty area in the 2008-09 Antarctic summer, down from the 46,265 visitors in 2007-08 (estimates provided to the Antarctic Treaty by the International Association of Antarctica Tour Operators (IAATO); this does not include passengers on overflights). Nearly all of them were passengers on commercial (nongovernmental) ships and several yachts that make trips during the summer.
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The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops to 6.5% from the December rate of 7.8%, or until inflation rises above 2.5%. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits - including significant budget shortages for state governments.
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Economy
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GDP
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Per capita
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PPP
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$1.12
Ranked 186th.
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$51,700.00
Ranked 6th.
46019 times more
than
Antarctica
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Environment
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Current issues
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in 1998, NASA satellite data showed that the Antarctic ozone hole was the largest on record, covering 27 million square kilometers; researchers in 1997 found that increased ultraviolet light passing through the hole damages the DNA of icefish, an Antarctic fish lacking hemoglobin; ozone depletion earlier was shown to harm one-celled Antarctic marine plants; in 2002, significant areas of ice shelves disintegrated in response to regional warming
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air pollution resulting in acid rain in both the US and Canada; the US is the largest single emitter of carbon dioxide from the burning of fossil fuels; water pollution from runoff of pesticides and fertilizers; limited natural fresh water resources in much of the western part of the country require careful management; desertification
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Geography
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Area
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Comparative
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slightly less than 1.5 times the size of the US
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about half the size of Russia; about three-tenths the size of Africa; about half the size of South America (or slightly larger than Brazil); slightly larger than China; more than twice the size of the European Union
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Geography
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Area
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Land
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14 million sq km
Ranked 2nd.
53% more than
United States
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9.16 million sq km
Ranked 4th.
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Geography
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Area
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Total
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14 million sq km
Ranked 2nd.
42% more than
United States
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9.83 million sq km
Ranked 4th.
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Geography
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Climate
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severe low temperatures vary with latitude, elevation, and distance from the ocean; East Antarctica is colder than West Antarctica because of its higher elevation; Antarctic Peninsula has the most moderate climate; higher temperatures occur in January along the coast and average slightly below freezing
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mostly temperate, but tropical in Hawaii and Florida, arctic in Alaska, semiarid in the great plains west of the Mississippi River, and arid in the Great Basin of the southwest; low winter temperatures in the northwest are ameliorated occasionally in January and February by warm chinook winds from the eastern slopes of the Rocky Mountains
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Geography
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Coastline
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17,968 km
Ranked 10th.
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19,924 km
Ranked 9th.
11% more than
Antarctica
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Geography
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Geographic coordinates
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90 00 S, 0 00 E
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38 00 N, 97 00 W
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Geography
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Location
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continent mostly south of the Antarctic Circle
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North America, bordering both the North Atlantic Ocean and the North Pacific Ocean, between Canada and Mexico
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Geography
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Natural resources
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iron ore, chromium, copper, gold, nickel, platinum and other minerals, and coal and hydrocarbons have been found in small noncommercial quantities; none presently exploited; krill, finfish, and crab have been taken by commercial fisheries
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coal, copper, lead, molybdenum, phosphates, rare earth elements, uranium, bauxite, gold, iron, mercury, nickel, potash, silver, tungsten, zinc, petroleum, natural gas, timber
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Geography
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Terrain
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about 98% thick continental ice sheet and 2% barren rock, with average elevations between 2,000 and 4,000 meters; mountain ranges up to nearly 5,000 meters; ice-free coastal areas include parts of southern Victoria Land, Wilkes Land, the Antarctic Peninsula area, and parts of Ross Island on McMurdo Sound; glaciers form ice shelves along about half of the coastline, and floating ice shelves constitute 11% of the area of the continent
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vast central plain, mountains in west, hills and low mountains in east; rugged mountains and broad river valleys in Alaska; rugged, volcanic topography in Hawaii
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Government
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Government type
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Antarctic Treaty Summary - the Antarctic region is governed by a system known as the Antarctic Treaty System; the system includes: 1. the Antarctic Treaty, signed on 1 December 1959 and entered into force on 23 June 1961, which establishes the legal framework for the management of Antarctica, 2. Recommendations and Measures adopted at meetings of Antarctic Treaty countries, 3. The Convention for the Conservation of Antarctic Seals (1972), 4. The Convention for the Conservation of Antarctic Marine Living Resources (1980), and 5. The Protocol on Environmental Protection to the Antarctic Treaty (1991); the 33rd Antarctic Treaty Consultative Meeting was held in Punta del Este, Uruguay in May 2010; at these periodic meetings, decisions are made by consensus (not by vote) of all consultative member nations; by April 2010, there were 48 treaty member nations: 28 consultative and 20 non-consultative; consultative (decision-making) members include the seven nations that claim portions of Antarctica as national territory (some claims overlap) and 21 non-claimant nations; the US and Russia have reserved the right to make claims; the US does not recognize the claims of others; Antarctica is administered through meetings of the consultative member nations; decisions from these meetings are carried out by these member nations (with respect to their own nationals and operations) in accordance with their own national laws; the years in parentheses indicate when a consultative member-nation acceded to the Treaty and when it was accepted as a consultative member, while no date indicates the country was an original 1959 treaty signatory; claimant nations are - Argentina, Australia, Chile, France, NZ, Norway, and the UK; nonclaimant consultative nations are - Belgium, Brazil (1975/1983), Bulgaria (1978/1998), China (1983/1985), Ecuador (1987/1990), Finland (1984/1989), Germany (1979/1981), India (1983/1983), Italy (1981/1987), Japan, South Korea (1986/1989), Netherlands (1967/1990), Peru (1981/1989), Poland (196<br />Article 1 - area to be used for peaceful purposes only; military activity, such as weapons testing, is prohibited, but military personnel and equipment may be used for scientific research or any other peaceful purpose; Article 2 - freedom of scientific investigation and cooperation shall continue; Article 3 - free exchange of information and personnel, cooperation with the UN and other international agencies; Article 4 - does not recognize, dispute, or establish territorial claims and no new claims shall be asserted while the treaty is in force; Article 5 - prohibits nuclear explosions or disposal of radioactive wastes; Article 6 - includes under the treaty all land and ice shelves south of 60 degrees 00 minutes south and reserves high seas rights; Article 7 - treaty-state observers have free access, including aerial observation, to any area and may inspect all stations, installations, and equipment; advance notice of all expeditions and of the introduction of military personnel must be given; Article 8 - allows for jurisdiction over observers and scientists by their own states; Article 9 - frequent consultative meetings take place among member nations; Article 10 - treaty states will discourage activities by any country in Antarctica that are contrary to the treaty; Article 11 - disputes to be settled peacefully by the parties concerned or, ultimately, by the ICJ; Articles 12, 13, 14 - deal with upholding, interpreting, and amending the treaty among involved nations; other agreements - some 200 recommendations adopted at treaty consultative meetings and ratified by governments; a mineral resources agreement was signed in 1988 but remains unratified; the Protocol on Environmental Protection to the Antarctic Treaty was signed 4 October 1991 and entered into force 14 January 1998; this agreement provides for the protection of the Antarctic environment through six specific annexes: 1) environmental impact assessment, 2) conservation of Antarctic fauna and flora, 3) waste disposal and waste management, 4) prevention of marine pollution, 5) area protection and management and 6) liability arising from environmental emergencies; it prohibits all activities relating to mineral resources except scientific research; a permanent Antarctic Treaty Secretariat was established in 2004 in Buenos Aires, Argentina
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Constitution-based federal republic; strong democratic tradition
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Government
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Legal system
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Antarctica is administered through annual meetings - known as Antarctic Treaty Consultative Meetings - which include consultative member nations, non-consultative member nations, observer organizations, and expert organizations; decisions from these meetings are carried out by these member nations (with respect to their own nationals and operations) in accordance with their own national laws; more generally, access to the Antarctic Treaty area, that is to all areas between 60 and 90 degrees south latitude, is subject to a number of relevant legal instruments and authorization procedures adopted by the states party to the Antarctic Treaty(703) 292-8030, or visit its website at www.nsf.gov
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common law system based on English common law at the federal level; state legal systems based on common law except Louisiana, which is based on Napoleonic civil code; judicial review of legislative acts
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People
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Population
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0.0
Ranked 235th.
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316.67 million
Ranked 3rd.
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Transport
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Airports
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23
Ranked 133th.
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13,513
Ranked 1st.
588 times more
than
Antarctica
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Geography
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Area
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Comparative to US places
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slightly less than 1.5 times the size of the US
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about half the size of Russia; about three-tenths the size of Africa; about half the size of South America (or slightly larger than Brazil); slightly larger than China; more than twice the size of the European Union
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Geography
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Elevation extremes
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Highest point
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Vinson Massif 4,897 m
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Mount McKinley (Denali) 6,194 m (highest point in North America)
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Government
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Country name
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Conventional long form
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none
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United States of America
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Geography
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Land use
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Arable land
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0.0
Ranked 215th.
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16.29%
Ranked 65th.
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Media
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Radio broadcast stations
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FM 2, shortwave 1 (information for US bases only); note - many research stations have a local FM radio station
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AM 4,789, FM 8,961, shortwave 19
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Geography
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Natural hazards
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katabatic (gravity-driven) winds blow coastward from the high interior; frequent blizzards form near the foot of the plateau; cyclonic storms form over the ocean and move clockwise along the coast; volcanism on Deception Island and isolated areas of West Antarctica; other seismic activity rare and weak; large icebergs may calve from ice shelf
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tsunamis; volcanoes; earthquake activity around Pacific Basin; hurricanes along the Atlantic and Gulf of Mexico coasts; tornadoes in the Midwest and Southeast; mud slides in California; forest fires in the west; flooding; permafrost in northern Alaska, a major impediment to development
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