Climate change is opening the Arctic's bounty to exploration and development. Civilization is a continual process of co-adaptation with the natural world. All changes have both positive and negative effects, and we need to learn to roll with the punches.

No matter what one thinks should be done about global warming, the fact is, it's happening. And it's not all bad. In the Arctic, it is turning what has traditionally been an impassible body of water ringed by remote wilderness into something dramatically different: an emerging epicenter of industry and trade akin to the Mediterranean Sea. The region's melting ice and thawing frontier are yielding access to troves of natural resources, including nearly a quarter of the world's estimated undiscovered oil and gas and massive deposits of valuable minerals. Since summertime Arctic sea routes save thousands of miles during a journey between the Pacific Ocean and the Atlantic Ocean, the Arctic also stands to become a central passageway for global maritime transportation, just as it already is for aviation.

Part of the reason the Arctic holds so much promise has to do with the governments surrounding it. Most have relatively healthy fiscal balance sheets and, with the exception of Russia, predictable laws that make it easy to do business and democratic values that promote peaceful relations. The Arctic countries have also begun making remarkably concerted efforts to cooperate, rather than fight, as the region opens up, settling old boundary disputes peacefully and letting international law guide their behavior. Thanks to good governance and good geography, such cities as Anchorage and Reykjavik could someday become major shipping centers and financial capitals -- the high-latitude equivalents of Singapore and Dubai.

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