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American Timber: In Depth Approach Toward Wood Derivative Markets And Deforestation Legislation

1218 words - 5 pages

Deforestation is one of the many concerns of modern day economists when it comes to the world's developing countries. Wood counts as one of the primary resources available for construction and renewable energies. Today, we speculate the damage to forests through over-exploitation typically leads to the loss of long-term income. Economic growth and deforestation have a relationship in which follows a neoclassical growth model of maximizing potential output, eventually halting at a steady state. This generalizes over the short-term economic gains by utilizing the timber and land to an advantageous endogenous growth theory. Colonial America's reliance on wood can be traced to township commercial buildings in which the primary structure built was a sawmill. The derivative products of harvested timber can start simply with primary products, e. g. Fuel and Lumber, to secondary products, e. g. Resin and Potash. The abundance of wood in North America had considerable attractiveness for Great Britain where the shortages of wood were replaced with coal by the 17th century. The demand for timber lead to a few of America's first patents for improvements in a sawmill as well as twenty-three patents for nail making machinery. Such exploits in reducing the cost of building supplies led to reducing the cost of building and advancing building techniques. The abundance of timber boosted the colonial growth of America and a closer inspection of the prices of derivative markets may lead to fascinating efficiencies of modern deforestation legislation noting the differences with clear-cutting.
The interests in timber resources in the American colonies were vested in the hands of the British. The British naval stores were in high consumption in the course of the era of the mercantilism. Since the Middle Ages, the expansion of Great Britain’s navy and merchant ships grew rapidly, as did population and the iron industry. Trade was essential, but so were the vehicle of trade; primarily boats and ships. While England’s forests were stripped of its forest resources to create enough supply of naval stores: lumber for ship masts, planks, fuel for forges, resin for turpentine, tar, and pitch, it held a great interest to find foreign markets to satisfy the demand of supplies. With the lack of resources available in one’s native country, the prices for wood increased as early as the end of the 15th century. It is important to realize the market potential for the American colonies’ large abundance in such resources, because estimates on the American export of products might as well have been the rib on the backbone of the economic growth in early phases of American independence and infrastructure. The industry grew and influenced toward the colonies in Massachusetts where recommendations were given for further shipbuilding from the Navigation Acts, which included provisions favorable to the industry.
With prices increasing and with a steady demand of output of merchant...

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