The resources of the future: new economic policies to govern development
Lithium, cobalt, nickel and rare earths are not mere commodities: they form the backbone of the green and digital transitions and decisively enable military power
Artificial intelligence and digital technologies are transforming economies faster than any previous wave of innovation. Climate change is no longer a distant risk, but a lived reality reshaping the way we build, move and consume. Meanwhile, the global order that once promised prosperity and even peace through free markets and long value chains is shattering. The wars in Ukraine and Gaza, the protectionist wave in the US and China's long-term assertive strategy point to a world in which interdependence no longer guarantees stability. Central to these upheavals is the often neglected issue of resources. Lithium, cobalt, nickel and rare earths are not mere commodities: they form the backbone of green and digital transitions and decisively enable military power. Their criticality stems less from geology than from geography: who mines, who works, who controls. Extraction is unevenly distributed globally, processing is concentrated in China, and demand is driven by large industrial economies. This asymmetry generates systemic vulnerabilities for both producers and consumers.
This lecture explores how the collapse of the 1990s globalisation paradigm, the divergence of US and EU strategies, and the actions of the global South are reshaping the politics of resources - and what implications this has for building more resilient and just futures... In global debates about climate, technology and security, resources often appear in the background - as if they were simply factors of production to be managed. Yet, at this time of crisis and transition, they assume a central role. Digital technologies and artificial intelligence are transforming economies faster than any previous innovation. Climate change is no longer an abstract risk, but a material reality that redefines the way we build, move and consume. Meanwhile, the global order that promised efficiency - and even peace - through free markets and long supply chains is deteriorating.
The wars in Ukraine and Gaza, the rise of protectionism in the United States and the strategic assertiveness of China point in the direction of a world in which interdependence no longer guarantees stability. An aspect often overlooked in this discussion is that resources are never neutral. They are not inherently 'valuable' or 'scarce'. What we call a resource is a social and technological construct, shaped by trajectories of innovation, possibilities for economic development and geopolitical contention... The title of this series of Veca Lectures, From Crisis to Cure, reminds us that the task is not just to diagnose crises, but to develop responses. With PCMs, the stakes are clear. They are not just components of production, but foundational elements of the societies we are building. The question is: will we reproduce old patterns of extraction and dependence, or will we use this moment to build new alliances, new industrial strategies and new forms of cooperation? Europe cannot afford to treat resource-rich countries as mere suppliers to be managed. It must engage them as partners, recognising their agency and priorities. As the European council on foreign relations has warned, African governments are less interested in ESG checklists than in jobs, infrastructure and industrialisation - areas where China and the Gulf States already offer attractive packages.
If Europe does not align its proposal with these priorities, its offer will remain unconvincing. After all, resilience will not only come from more regulation. The EU needs concrete reforms to unlock investment and financing, strengthen extraction and internal processing, and build capacity along the entire value chain. It must exploit its comparative advantages - in engineering, environmental services and research and development - and integrate them into broader industrial renewal. Only by combining internal reforms with credible partnerships abroad can Europe reconcile the promise of green and digital transitions with reduced vulnerability. The future of resources is not technical. It is political. The societies we build will reflect the choices we make - about power, vulnerability and the futures we choose to care for.
