ABSTRACT
Globalization describes a process by which regional economies, societies and cultures have become integrated. The process is driven by a combination of economic, technological, sociocultural, political and biological factors. Economic globalisation is the most important part of globalisation, whereby national economies get integrated into international economy through trade, foreign direct investment, capital flows, migration and spread of technology. An important consequence of globalisation is the modernisation and industrialisa-
tion of previously agrarian countries like India and China. These countries are gaining more knowledge andwealth. Asmore andmore peoplemove fromBelow-Poverty-Line to middle class status, they consume superior food, purchase more cars (Tata’s Nano car costing about USD 2200/- is the cheapest car in the world, and is highly affordable), consume more fuel and more consumer goods. This necessitated a massive development of natural resources, including mineral resources within these countries. Besides, these countries are also making large investments in developing mineral deposits in Africa and elsewhere. China produces 92% of the world’s Light Rare Earth Elements, like cerium and
lanthanum, and 99% of the world’s Heavy Rare Earth Elements like Dysprosium. These rare earth elements are used in smart phones, clean energy industries, entertainment electronics, etc. There was an uproar from countries like Japan and USA which use the REE in their high-tech industries, when China restricted the export of the rare earth elements. USA had to intervene strongly to ease the situation. Steel which is used for the construction of the wind turbines, accounts for 90% of
the cost of the turbine. Turbine fabrication costs are being brought down by replacing steel with lighter and more reliable material, and by improving the fatigue resistance
of the gear boxes. During the last five years, there has been a phenomenal growth in the use of rare-earth elements in the energy industries. Tiny quantities of dysprosium can make magnets in electrical motors lighter by 90%, thereby allowing larger and more powerful wind turbines to be mounted. Use of terbium can help cut the electricity use of lights by 80%. Dysprosium prices have gone up sevenfold since 2003, with the current market price being USD 116/kg. Terbium prices have quadrupled during the period 2003-2008 to USD 895/kg. The recession brought down the price to USD 451/kg. Mineral resources are finite, and when once used, are gone forever. Technology has
a great potential to address the depletion problem. Since globalization connects the world, more scientists from around the world would be able to work to find solutions to a global problem. For instance, since oil production is peaking, and oil plays a critical role in the world economy, attempts are being made to substitute natural gas in its place.
