boom, bust, boom: a story about copper, the metal that runs the world, by bill carter

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  • 7/31/2019 Boom, Bust, Boom: A Story About Copper, the Metal That Runs the World, by Bill Carter

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    TOHHAO MEFO

    8?3

    C|ox c z`nx| fct! E {cbo |n |`o znufl n kufxo lexoj|a nu|zelom jchef& E |`xn{ nf m Aowez cfl ntof |`o lnnx |n zoo \oxx

    z|cflefk nf `ez tnxj` {e|` c &88 xego! z|cxefk c| mo& @o annbztezzol&

    \`c|z nux {cbo-ut jcaa& [o aocwo ef `ca cf `nux&

    Cfl |`c| ez cf Caczbc huz` cacxm janjb&H |`o |emo {o cxxewo! | tontao jxn{l |`o utz|cexz n |`o wna-

    uf|oox xo lotcx|mof| kcxcko& Cfl ca|`nuk` e| focxz 5944 t&m&!|`o zuf `nwoxz nf |`o `nxeynf! zoomefka nxowox& Nf c |chao focx|`o hcjb n |`o xnnm cxo jnoo cfl jnnbeoz& Nf cfn|`ox |chao ze|

    tcmt`ao|z z`n{efk |`o lcfkox n |`o mefo&\`o {nmcf ztocbefk ez Jcxna Cff [nnl! {e|` c T`L ef z`-

    ox zjeofjo {`n uzol |n {nxb nx |`o _&Z& Lotcx|mof| n Gez` cfl[ealaeo! uf|ea nfo lc z`o ztnbo |nn anula chnu| `n{ |`ez mefo{cz c hcl eloc&

    E {cz tuz`ol nu|! z`o |nal mo ocxaeox |`c| lc& E mocf |`oxoez c anfkox z|nx! hu| |`c| ez |`o z`nx| z|nx& Zn fn{ E {nxb nx |`o

    nttnze|enf&[nnl ztocbz |n c xnnm tcjbol {e|` z`oxmof xnm caa nwoxCaczbc cfl xnm |`o An{ox

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    HNNM! H_Z\! HNNM

    8?8

    |`o lcfkox auxbefk ocxz ln{f |`o xncl xnm c `cxl-xnjb mefefkntoxc|enf {eaa owof|ucaa loz|xn |`o hnuf| |`o |cbo nf |`oexntofefk lc n |`o zocznf&

    \n hokef! |`o txozof| c `nxxnx zaelo z`n{ lo|ceaefk {`c| `czcaxocl njjuxxol cxnufl |`o {nxal {e|` `cxl-xnjb mefefk! zto-

    jejcaa jnttox9 |ceaefk lcmz hxocbefk! xewoxz j`nbol |n loc|` hzuauxej cjel xufn! cfl of|exo wez|cz xotacjol h c kekcf|ej `naoef |`o kxnufl& [nnl optacefz `n{ cz ae||ao cz |{n tcx|z tox hea-aenf n jnttox chnwo fnxmca hcjbkxnufl jnttox (mocfefk fc|u-xcaa njjuxxefk jnttox% ef |`o {c|ox jcf mcbo c zcamnf anzo e|zzofzo n lexoj|enf& \n eaauz|xc|o `ox tnef|! z`o z`n{z c welon n

    c nufk zcamnf zmna| ef c {c|ox |cfb lcx|efk cxnufl c| kxoc|ztool& \`of |`o osuewcaof| n nfo tcx| tox heaaenf n jnttox ezlxnttol ef|n |`o |cfb& [e|`ef c mefu|o |`o nufk zcamnf ez lnj-eao! camnz| z|eaa& Z`o optacefz |`ez mcboz |`o z` ocz txo& [`eaojnttox ez fc|uxca ef mcf xewoxz ef Caczbc! e| ez |`o clle|enf n

    txnjozzol jnttox xnm |`o |ceaefkz |`c| ez |`o tn|of|eca beaaox n|`ez z`ox&

    C zaelo tntz ut nf |`o zjxoof z`n{efk c mefo ef Ztcef {`oxo|`o |ceaefk lcm hxocj`ol! aocbefk |nfz n |npej zaulko ef|n c xewoxcfl beaaefk owox|`efk ln{fz|xocm& Ef J`efc! c lcm nalefk hcjb

    |`o |npej |ceaefk zaulko hxocbz cfl omt|eoz ef|n c xewox! beaaefk caacsuc|ej aeo&

    \`o opcj| zjnto n |`o Tohhao mefo ez fn| o| bfn{f! hu| |`c|`cz fn| z|nttol |`o jnmtcfeoz |`c| jnf|xna Tohhao mefo xnmgnc|efk zowoxca elocz n n{ |`o {eaa hueal nu| |`o mefo ze|o& Nfo

    ez |n hueal |`xoo ocx|`of lcmz focx |`o mefo! nfo n {`ej` {eaaho ;84 oo| `ek` cfl < meaoz anfk! {`ej` {nual xewca |`o `oek`|zn |`o acxkoz| lcmz cf{`oxo& Ho`efl |`ozo lcmz {nual ho |ofheaaenf |nfz n {cz|o xnjb jnaaoj|ol nwox |`o zowof|-wo-ocx aeon |`o mefo! |`o osuewcaof| n |`xoo |`nuzcfl tnuflz nx owoxtoxznf nf Ocx|`& \`oxo {eaa cazn ho jnf|cefmof| tnflz! uzol |n

    leau|o cfl z|nxo {cz|o& \`o te| {eaa ho |{n meaoz {elo cfl |{n|`nuzcfl oo| loot& \`o |ceaefk jnmtnuflz {eaa jnwox zowof|-

    wo `uflxol cjxoz& \`ez {eaa njjut mnxo |`cf |of zsucxo meaoz&\`o wcz| mcinxe| n |`o {cz|o {eaa ho ef |`o nxm n tuawoxeyolxnjb! muj` n e| acjol {e|` hcxeum! jclmeum! j`xnmeum! jnhca|!

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    TOHHAO MEFO

    8?:

    exnf! aocl! fejboa! zoaofeum! cfl cxzofej! caa fc|uxcaa njjuxxefkh-txnluj|z n mefefk nx knal cfl jnttox& Cfl caa n |`ez cj|ewe|{eaa ho {e|`ef nux|oof meaoz n Eaecmfc Acbo! {`oxo |ofz n mea-

    aenfz n zcamnf zmna|z aewo {`eao c{ce|efk |`oex ln{fz|xocm inux-fo |n |`o njocf! cfl {`nzo {c|ox oolz nx| |`nuzcfl zsucxo

    meaoz n {c|oxz`ol& Xc|enfca meflz muz| czb {` c z|c|o {nualowof jnfzelox caan{efk |`ez ef c tacjo |`c| `cz cf 0!444-ocx-nal`ez|nx n z`efk nx zcamnf! 38? ocxz n |`c| cz c zujjozzuajnmmoxjeca z`ox |`c| cllz mnxo |`cf ,nx camnz| wo mefu|oz& \`o sucbo xokez|oxol 5&8 nf |`o Xej`|oxzjcao! mcbefk e| |`o zojnfl-acxkoz| ocx|`sucbo ef xojnxlol `ez-|nx& E| mnwol Ac|nuj`o Ezacfl nx| oo| |n |`o znu|`ocz|& \`o

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    HNNM! H_Z\! HNNM

    8? N jnuxzo fn|& \`o tontao {`n {eaa n{f |`ez mefoaewo ef Anflnf! In`cffozhuxk! Wcfjnuwox! cfl oazo{`oxo& [`c||`o mc fn| ufloxz|cfl nx jcxo chnu| ez |`c| |`o ocx|` {ce|z nx

    fn nfo! oztojecaa ef tacjoz aebo Caczbc |`c| ze| c|nt konankejca|emo hnmhz |ejbefk hofoc|` e|z zuxcjo&

    Cfn|`ox tnef|ol xomeflox n Ocx|`z tn{ox `cttofol nfMcxj` 33! 8433! {`of c 5&4 ocx|`sucbo `e| fnx|`oxf Ictcf&\`o |zufcmez cfl ocx|`sucbo beaaol camnz| 30!444 tontao cflloz|xnol 38?!444 huealefkz& \`o Gubuz`emc fujaocx tacf| `cl

    c tcx|eca moa|ln{f n e|z fujaocx xnlz! cfl xclec|enf aocbol nu|!jxoc|efk c locl ynfo nx meaoz! {`ej` {eaa acz| nxowox& @oxo ez |`o

    ef|oxoz|efk lo|cea& Mnloxf-lc mefoz cfl fujaocx tacf|z z`cxo |`ozcmo efluz|x z|cflcxl {`of e| jnmoz |n ocx|`sucbo-txnnfk|`oex ze|oz& \`o hueal |`oex cjeae|eoz |n {e|`z|cfl c ;&? ocx|`-

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    TOHHAO MEFO

    8??

    sucbo& Zn cx caa |`o tacfz nx Tohhao eflejc|o |`o {eaa naan{|`c| efluz|x z|cflcxl&

    J`cmhoxz cazn xomeflz uz |`c| nfa c `uflxol meaoz c{c

    xnm Tohhaoz txntnzol mefo z|cflz Mnuf| Xolnuh|! {`ej` `czhoof zto{efk wnajcfej cz` nx mnxo |`cf |{n ocxz& [`of |`o

    ezzuo n zoezmej cfl wnajcfej cj|ewe| `cz hoof hxnuk`| ut |n |`oTohhao opoju|ewoz cz c jnfjoxf chnu| |`o lcmz |`o tacf |n hueal!{`ej` `cwo |n opez| gnxowox! |`o zc! [o cxo |cbefk |`o zoezmejze|uc|enf ef|n jnfzeloxc|enf&

    E xoztoj| |`o cheae|eoz n z|xuj|uxca ofkefooxz& \`oex {nxb ln|z|`o tacfo| ef tacjoz zuj` cz |`o Knalof Kc|o Hxelko! |`o Oeoa

    \n{ox! cfl |`o Tcfcmc Jcfca! hu| |n hueal nfo n |`o acxkoz|ocx|`of lcmz focx nfo n |`o mnz| zoezmejcaa cj|ewo tacjoz nfOcx|` xoobz n cxxnkcfjo! |`o befl n hxcwcln |`c| jxoc|ol AnwoJcfca! J`oxfnha! cfl |`o op|efj|enf cfl focx op|efj|enf n mcfcfemcaz nwox |`o acz| `uflxol ocxz& E |`ez mefo `cz |n opez| nx

    zowof|-wo ocxz! te|j`ol ef c lcea hc||ao ckcefz| |`o kont`z-ejz n Ocx|`! |`oxo {eaa ho fn jnf|oz|& E| {eaa ho c zacuk`|ox& Ocx|`!

    {e|` e|z wenaof| |cf|xumz! {eaa {ef& E| ca{cz lnoz&

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    HNNM! H_Z\! HNNM

    8?7

    H |`o |emo |`o `oaejnt|ox |xcwoaz |`o nux|oof meaoz xnm Eaecmfc|n |`o mefo! |`o |omtoxc|uxo `cz lxnttol |n |`ex|-wo lokxooz&

    E ze| cjefk nx{cxl fop| |n zep n|`ox mof! caa efwnawol ef |`omefefk huzefozz! oe|`ox cz opoju|ewoz nx cz anhhez|z& \`o sueo|mcf {e|` |`o huz` oohxn{z ze||efk ef |`o jntean| zoc| ez In`f

    Z`ewoa! JON n |`o Tohhao Tcx|foxz`et& \`o Tcx|foxz`et zoxwozzowoxca tuxtnzoz& Nfo! zefjo e| ez hczol ef Cfj`nxcko! e| caan{zhn|` Cfkan Cmoxejcf cfl Fnx|`oxf Lfcz| |n zc |`o `cwocf Caczbc txozofjo& \{n! e| caan{z toxznffoa |n ho ef Caczbc|n loca {e|` |`o toxme||efk txnjozz! {`ej` c| |`ez tnef| ez |`oex

    mcef njuz& \`exl! cfl mnz| emtnx|cf|! e| cj|z cz |`o mnu|`teojonx |`o mefefk jnmtcfeoz cfl logoj|z lexoj| `oc| c{c xnm |`omefefk opoju|ewoz ef Anflnf cfl Wcfjnuwox {`n cj|ucaa jcaa caa|`o z`n|z& Ef mcf {cz! |`o Tohhao Tcx|foxz`et ez c molec nu|-xocj` txnkxcm ef zuttnx| n |`o mefo lowoantmof|& Z`ewoa {cz

    ztojejcaa `exol |n cj| cz |`o fcxxc|nx n |`o z|nx xnm |`o mef-efk jnmtcfz toxztoj|ewo& E| ez `ez inh |n zoaa molec zankcfz aebo

    Gez`efk cfl mefefk jcf jnopez|&\`ozo `oaejnt|ox |nuxz cxo kewof xnm |emo |n |emo h |`oTohhao Tcx|foxz`et ef nxlox |n olujc|o ef|oxoz|ol tcx|eoz nf |`olo|ceaz n Tohhao mefo! cahoe| xnm |`oex toxztoj|ewo&

    C| xz| |`o {cf|ol |n jcaa e| |`o Tohhao Hocj` Mefo! oaazcfn|`ox mcf! {e|` c z`njb n {`e|o `cex uflox c hczohcaa jct&Jcuzo |`o acflzjcto xomeflol owoxnfo n Tohhao Hocj` knajnuxzo! o jnf|efuoz! fn{ nwoxjnmo {e|` acuk`|ox& M xz| xocj-

    |enf |n |`o mcf ez |`c| `o zmeaoz |nn muj`! nx fn xocznf! aebo cjcx zcaozmcf {`of nu z|ot nf `ez an|! owof h mez|cbo& @o ze|zlexoj|a cjxnzz xnm mo |cabefk ef|n `ez `oclzo|! {`ej` E `ocx efm `oclzo|! canfk {e|` |`o n|`ox tczzofkoxz&

    Hu| ef |`o anfk xuf |`o |`nuk`| ho||ox n e| cfl iuz| fcmole| Tohhao! `o zcz! loaewoxefk `ez {oaa-txcj|ejol tufj` aefo& \`ez

    ez Z|owo Hnxoaa! |`o opoju|ewo lexoj|nx n |`o Caczbc Mefoxz Czzn-jec|enf& \`ozo czznjec|enfz cxo jnmmnf ef z|c|oz zuj` cz Fowclc!

    Cxeynfc! Mnf|cfc! cfl Fo{ Mopejn! {`oxo `cxl-xnjb mefefkez c mcinx ojnfnmej tacox& @ez inh! cz `o tu|z e|! ez |n txn|oj||`o Caczbcf mefox xnm |`o knwoxfmof|& E cm chnu| |n czb {`n

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    [@EJ@ ZELO CXO UN_ NF>

    8?;

    txn|oj|z Caczbcfz xnm |`o Caczbcf mefoxz! hu| E caxocl bfn{|`o cfz{ox&

    Gnx |`o mnz| tcx|! mefefk opoju|ewoz |`efb ef |oxmz n z|cxb

    hacjb-cfl-{`e|o j`nejoz& E e| `czf| jnmo xnm c |xoo! |`of e|jcmo xnm |`o ocx|` ez nfo n |`o ufewoxzca ac{z ef |`o mef-

    efk {nxal& Cazn! |`c| mefefk ez |`o hczez n caa |`efkz ef mnloxfznjeo|& Gnnl nx |`o mnz| tcx| jnmoz xnm fc|uxo! hu| owof |`ofmcj`efox tacz c acxko xnao& Cfl caa mo|ca cfl tacz|ej mcj`ef-ox jnmoz xnm |`o ocx|` cz nea nx c mefoxca& Zn |n c mefox |`oxoez fn xoca j`nejo {`o|`ox |n mefo Tohhao nx knal cfl jnttox& [omefo! |`c| ez c kewof& \`o nfa ezzuo |n ho {nxbol nu| ez nfo n

    tnae|ejz {e|` |`o anjcaz cfl |`o z|c|o& @n{ muj` mnfo muz| hoopj`cfkol! `n{ muj` tuhaej xoac|enfz {nxb muz| ho lnfo>

    Gxnm c|nt |`o mnuf|cef {o annb ln{f ef|n {`c| annbz aebo ckecf| |uflxc mocln{ foz|aol hoan{& \`o mefo ze|o {eaa ze| ef |`ojxclao n |{n mcinx lxcefckoz! |`o Fuz`ckcb cfl |`o Bwej`cb!

    {`ej` ool ef|n Hxez|na Hc& \`oxo cxo cazn |{n lez|efj| `ocl{c-

    |oxz `oxo9 _ttox \cacxeb Jxoob cfl |`o Bnb|uae Xewox! hn|` n{`ej` hokef |`oex aewoz focx {`oxo |`o mefo {nual opez|& Cjjnxl-efk |n |`o mefefk jnmtcf! e| cz fn| njecaa zuhme||ol c mefefktacf! nfo n e|z loofzo moj`cfezmz ckcefz| jxe|ejezm n Tohhao&

    \`oex ankej ez |`c| {e|`nu| c mefo tacf! |`oxo ez fn|`efk |n jxe|e-jeyo& Uo| ef 8447 e| lel zuhme| |{n |`nuzcfl tckoz n tacfz nu|-aefefk e|z jcajuac|enfz n {c|ox leztacjomof| czznjec|ol {e|` |`omefo cj|ewe|&

    Ef |`nzo tacfz! hn|` |`o \cacxeb Jxoob cfl Bnb|uae Xewox {nuallezcttocx e Tohhao ez huea| ef nxlox |n jaocx |`o kxnufl{c|ox xnmgnnlefk |`o mefo& \`ez ez nfo n |`o mnz| loz|xuj|ewo xozua|z nhuealefk cf ntof-te| mefo& Nfjo |`o mefefk hokefz! |`o txnjozzmexxnxz c acxko |neao| hn{a |`c| {cf|z |n jnfz|cf|a aa ut {e|`cf kxnufl{c|ox |`c| zuxxnuflz e|& \n boot e| nu| n |`o mefoez emtnzzehao opjot| h tumtefk& Gnx Tohhao |n ntoxc|o! caa |`o

    {c|ox ef |`o zuxxnuflefk cxoc muz| ho lxcefol ef nxlox |n jxoc|o

    c zco ofwexnfmof| |n {nxb& \`ez {c|ox muz| ho oe|`ox lewox|olln{fz|xocm nx uzol lexoj|a ef |`o mefefk txnjozz&

    Mocf{`eao! {`eao |`o kxnufl{c|ox muz| ho lewox|ol ef nxlox

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    HNNM! H_Z\! HNNM

    8?0

    |n mefo! c z|chao znuxjo n {c|ox ez fojozzcx ef nxlox |n txnjozz|`o nxo& \`o mefefk jnmtcfeoz ef j`cxko n Tohhao `cwo cttaeolnx |`o xek`|z |n focxa |`ex|-wo heaaenf kcaanfz n kxnufl- cfl

    zuxcjo {c|ox tox ocx! camnz| nux |emoz cz muj` cz Cfj`nxckouzoz tox ocx&

    \`oxo cxo mcf cj|nxz |`c| mcbo mefefk tnzzehao! hu| cxku-cha fnfo ez mnxo emtnx|cf| |`cf {c|ox& C| Tohhao! {c|ox {eaa houzol ef caa z|otz n txnjozzefk |`o nxo cfl nx jcxxefk |`o jnt-tox zauxx ef tetoz canfk |`o xncl xnm Eaecmfc |n |`o loot{c|oxtnx|& E| {eaa cazn ho uzol ef |`o jnfjof|xc|nxz cfl aocj`efk oalz&[`oxo |`c| {c|ox {nual jnmo xnm ez fn| jox|cef c| |`o mnmof|&

    Hnxoaa zoomz nwoxa opje|ol |n optacef ef wckuo |oxmz `n{ |`ezmefo {eaa ho |`o zcoz| mefo ef |`o {nxal& Hoefk |`c| owoxnfooazo nf hncxl |`o gek`| ez oe|`ox c mefefk opoju|ewo nx c mefefkanhhez|! Hnxoaa |oflz |n ztocb lexoj|a c| mo! cj|ewoa |xefk |nhxefk mo ef|n |`o aek`|&

    \`o `cwo ztof| mnxo |`cf zowof| meaaenf lnaacxz z|ul-efk |`o ofwexnfmof|ca emtcj| n |`o mefo! `o zcz! cz e |`c|

    `cz cf|`efk |n ln {e|` `n{ |`o mefo {eaa ho`cwo nfjo cj|ewo&\`o ankej ez zoluj|ewo& E| knoz znmo|`efk aebo |`ez9 C|ox zumz nmnfo cwo hoof ztof| |n zjeof|ejcaa txolej| |`o ofwexnfmof|ca

    emtcj| n |`o mefo! |`o mefefk jnmtcf |`of txnweloz cf chuf-lcf| cmnuf| n lc|c `ntefk |n txnwo {e|`nu| c lnuh| |`o mefoez zco! h |`o z`oox cj| n txnwefk e| ez tcefk zn muj` c||of|enf|n |`o tn|of|eca ofwexnfmof|ca emtcj|& \`o caacj ef |`ez ankejez |`c| fnfo n |`o ofwexnfmof|ca z|uleoz lnfo hognxo |`o mefo

    ez huea| {eaa ho chao |n txolej| `n{ |`o |ceaefk lcmz {eaa `nal utckcefz| |`o xz| ocx|`sucbo! nx `n{ |`o zcamnf {eaa xocj| {`of|`o xz| |xujb jcxxefk zuauxej cjel lxewoz n c hxelko ef|n czcamnf oolox jxoob& Mefefk jnmtcfeoz lnf| xuf |`nzo mnloaz!nx e |`o ln! |`o lnf| xoaoczo |`om |n |`o tuhaej&

    \`o |nux acz|z nwox cf `nux cz {o g cxnufl |`o mefo ze|o&

    Hoan{ cxo c o{ lxeaa `naoz cfl |omtnxcx njoz& Owox zef-kao |`efk nu zoo `cz hoof gn{f ef h `oaejnt|ox& [o `cwo fn|

    mclo c nn|txef| ut oxo {nx|` mof|enfefk! zcz Koxfn| [nhox!c Jcfclecf konankez| cfl |`o lexoj|nx n ze|o ntoxc|enfz nx Toh-hao& [o cwo efjxoczol zco| moczuxoz h cllefk |`ex| toxjof|

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    [@EJ@ ZELO CXO UN_ NF>

    8?5

    |n jnz|z& Fn nfo ef |`o mefefk {nxal lnoz |`c|! `o zcz& Ckcef!mnxo n |`o zcmo ankej |`c| zcz ztoflefk mnfo efjxoczoz |`oj`cfjoz |`c| |`ez mefo {eaa fn| clwoxzoa coj| |`o zuxxnuflefk

    ofwexnfmof|&@o knoz nf |n optacef |`c| |`o mefo {eaa fool c tn{ox kxel

    osuca |n |`o nfo |`c| zoxwejoz caa n Cfj`nxcko! cfl |`c| |`o tox-jof|cko n knal ef |`o Tohhao ze|o moczuxoz c| c nfo-sucx|ox kxcmnx owox |nf n ocx|` op|xcj|ol& \`o jnttox {eaa moczuxo nu| |nho |`xoo tnuflz tox |nf n xnjb mefol& \`o {cz|o ez oz|emc|olcxnufl |of heaaenf |nfz! {`ej` {eaa ze| ho`efl zowoxca acxko mcf-mclo ocx|`of lcmz nx |`o xoz| n |emo&

    Hnxoaa! |`o Caczbc Mefoxz lexoj|nx! tejbz ut |`o jnfwoxzc|enfluxefk c auaa! cz {o caa z|cxo ef c{o n |`o zek`| honxo uz& \`oxo ezfn|`efk hu| {eal acfl cz cx cz {o jcf zoo& Kacjeox-|nttol mnuf-|cefz jxn{l |`o nxeynf& Hoan{! mnez|uxo |xejbaoz n |`o zelo n cmnuf|cef! |`o hex|`tacjo n c xewox&

    E czb m xz| suoz|enf& @n{ cx cxo |`o focxoz| zcamnf-ztc{fefk kxnuflz>

    \`o focxoz| zcamnf-ztc{fefk kxnuflz cxo aozz |`cf `ca cmeao! zcz Hnxoaa {e|` `ez acxko zmeao! cz e |`ez cfz{ox ez c tauz&@cxl-xnjb mefefk `cz loz|xnol wex|ucaa owox bfn{f znuxjo n

    kxnufl{c|ox focx ntof te|z |`xnuk`nu| |`o {nxal& \`oxo cxo fnopcmtaoz n ntof-te| mefefk n jnttox |`c| lnf| xozua| ef znmoloz|xuj|enf nx leztacjomof| n |`o kxnufl{c|ox& Cfl |`ez mefo{eaa ho huea| nf |uflxc! {`ej` ez hczejcaa c ztnfko-aebo jxuz|&

    Cz {o g n |`o mnuf|cef! {o tczz |{n zmcaa tnflz |`c| {eaa

    ho lxcefol nx |`o mefo& Aebo c |nux ntoxc|nx nf c Lezfo xelo!Hnxoaa ztocbz ef|n |`o mejxnt`nfo {`eao annbefk lexoj|a c| |`omefefk anhhez| xnm Fo{ Mopejn& Cf caa&

    Hu| ef fn {c! fn {c! {eaa |`ez mefo owox |`xoc|of zcamnfztc{fefk& Fn {c& [o {eaa mcbo zuxo n |`c|! o zcz! aebo c tcx-xn| xoje|efk `ez mcz|oxz wnejo&

    Nf |`o {c hcjb |n Eaecmfc! {o g h c acxko z`efk `nao nf |`o

    Fo{`caof Xewox& Koxfn|! |`o mefo ze|o zutoxweznx! annbz c| mo cflzcz! E jcuk`| c uko |xnu| n |`c| xnjb xek`| |`oxo acz| zummox&Gnx |`o of|exo |nux |`o nz|z cwo hoof z|oclcz| ef |`oex c||of|enf

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    11/28

    HNNM! H_Z\! HNNM

    874

    |n lo|cea& \`o ztocb n |`o nxo ef |`o kxnufl cz c xoznuxjo hu| n|`o acfl cz cf czzo| nx caa |n z`cxo& \`o |cab cz e |`o mefo ez cfclle|enf |n |`o acflzjcto! znmo|`efk |`c| {eaa mcbo e| owof mnxo

    {nflxnuz cfl ofj`cf|efk& Aebo caa knnl zcaozmof! |`o ln{f-tac |`o nttnze|enf cfl e|z zofzoaozz xozez|cfjo |n c txnioj| |`c|

    {eaa hofo| caa Caczbcfz cfl Cmoxejcfz& \`o ztocb n |`o ofwe-xnfmof|caez|z cz tc|zeoz nx hek-mnfo anlko n{foxz {`n {cf||`oex n{f txewc|o fc|uxo txozoxwo c| |`o optofzo n knnl inhz nxanjcaz&

    [`c| |`o fowox mof|enf ez |`o lcmcko |`c| {eaa ho lnfo&[`of czbol chnu| |`o |ceaefk lcmz nx |`o {cz|o jxoc|ol! |`o

    fnl cfl zc |`efkz aebo! [o cwo nux inhz ju| nu| nx uz! hu| |`ez{eaa ho |`o zcoz| mefo ef `ez|nx&

    E hokef |n |`efb chnu| |`oex c||of|enf |n |`o lo|ceaz& \`o tuz`|`ez mo|ejuanuz c{cxofozz cz c znx| n opcmtao n {`c| lown|olz|o{cxlz n |`ez acfl |`o {eaa ho& Gnx opcmtao! {`of E xz| cxxewol

    c| |`o Tohhao njoz c| |`o cextnx|! {o {oxo kewof c zco| jnuxzo!{`ej` efjaulol c welon n mefo zco|& \`o mnz| opje|efk cztoj| n

    |`o txozof|c|enf {cz |`o optacfc|enf |`c| owox {nxbefk jxo{ nf|`o mefo ze|o `cz hocx kucxlz& \`ozo kucxlz! cxmol {e|` z`n|-kufz! txn|oj| |`o mefoxz xnm cf tnzzehao hocx c||cjb& \`o mn||n

    {cz jaocx9 [o lnf| {cf| |n leztc|j` c hocx! hu| {o {eaa hojcuzotontao cxo mnxo emtnx|cf|& E nufl leztc|j` c z|xcfko {nxl |nuzo ef tacjo n beaa! hu| |`of ckcef mefoxz aebo uzefk {nxlz aeboleztc|j`! nn|txef|! me|ekc|o! cfl of`cfjol&

    C|ox |`o welon nf zco|! owoxnfo {cz kewof c zco| woz| cfl

    {xctcxnufl kaczzoz nx |`o `oaejnt|ox xelo& Honxo aocwefk |`ohuealefk! {o caa zekfol c acxko z|cjb n lnjumof|z& \`o hefloxn tctox acel nu| caa |`o xokuac|enfz cfl xuaoz n hoefk nf acfljnf|xnaaol h |`o Tohhao Tcx|foxz`et& Canfk {e|` |`o z|cflcxl{cewox nx cjjelof|ca loc|`! fn zmnbefk nx lxefbefk cajn`na! cflfn aecheae| jacuzoz! e| jnf|cefol c zefkao teojo n tctox |`c| zcel

    |`c| fn kuoz| nx omtanoo n Tohhao Tcx|foxz`et ez caan{ol |n z`!`uf|! nx n|`ox{ezo uzo |`o acfl ef cf {c! nx |cbo c zefkao |`efk

    |`c| mc efxefko utnf |`o zuhzez|ofjo aewoae`nnl n |`o fc|ewotontao {`n aewo `oxo& [`of E zekfol |`o tctox! E czbol nfo n |`oomtanooz `n{ zoxenuz |`ez {cz&

  • 7/31/2019 Boom, Bust, Boom: A Story About Copper, the Metal That Runs the World, by Bill Carter

    12/28

    [@EJ@ ZELO CXO UN_ NF>

    873

    Locl zoxenuz! {cz `ez xota& Unu wenac|o |`c| xuao cfl e| jcfho emmolec|o |oxmefc|enf n omtanmof|&

    \`ez ez nf m mefl cz Koxfn| tnef|z nu| {`oxo `o jcuk`| c

    mnfz|ox |xnu|& E xomefl `em chnu| |`o xuaoz n efxefkefk nf |`ozuhzez|ofjo {c n aeo nx |`o fc|ewo tontao& E czb e `o zekfol

    |`o zcmo teojo n tctox E lel! {`ej` jaocxa txn`ehe|z z`efk nf|`ez xewox& N jnuxzo! o cfz{oxz cfl lnoz c lnuhao |cbo nu| |`o{efln{! jnaaoj|efk `ez |`nuk`|z& E| {cz nfo |emo& E {cz c{c nfwcjc|enf ef Jcfclc cfl |`of go{ hcjb ut nf m n{f lemo cflfn| nf jnmtcf mnfo nx |emo& Zn E {cz iuz| c |nuxez|&

    Cz E zcel! mefoxz |`efb leoxof|a xnm owoxnfo oazo& Fn mc|-

    |ox `n{ fejo |`o cxo! nx `n{ xocznfchao |`o znufl! ef |`o ofl|`o {eaa |cbo {`c| |`o jcf ko|&

    Honxo gefk nu|! E lxewo \em Cfoanfz jcx ln{f |`o nfa xncl|`c| aocwoz |`o weaacko n Eaecmfc& E| `ukz |`o Fo{`caof Xewox nx|`ex|oof meaoz cfl |`of oflz& \`o lexoj|enfz cxo |n naan{ |`o xewox

    cfl lnf| |cbo cf zelo xnclz uf|ea E fl mzoa c| |`o olko n

    |`o {c|ox& Cjxnzz |`o xewox! E {eaa zoo Fnflca|nf! cf C|`chczjcfweaacko n |`xoo `uflxol tontao {e|` c loot-zoc|ol lezaebo n |`oTohhao mefo txntnzca&

    E tcxb fop| |n zowoxca n|`ox jcxz! caa omt| cfl tnef|ol |n{cxl

    |`o xewox& Nfo wo`ejao `cz |`o mcxbefkz n c z|c|o |xnntox& E annbcxnufl! optoj|efk znmonfo |n tnt nu| n |`o huz`oz! hu| |`oxoez fn nfo |`oxo& @oxo |`o xewox ez c meao {elo! {e|` c hauez`-kxoofmuxb jnanx xnm kacjeca mefoxca lotnze|z& \`oxo cxo c o{ nuzoz

    nf |`ez zelo n |`o xewox! cfl |`oxo cxo o{ zmcaa `nmoz wezehao nf|`o nttnze|o hcfb& \`oxo ez fn| nfo znua ef zek`|&

    E {ce| nx c o{ mnmof|z! |cbefk ef |`o xuz` n |`o {c|ox cflz|cxefk c| |`o zuxxnuflefk mnuf|cefz&

    Cfl |`of! cz efz|xuj|ol! E oaa c| |`o |nt n m aufkz&

    \`o nfa {c |n cjjozz Fnflca|nf ez oe|`ox |n hxefk c hnc| nx |n

    cxxewo c| |`o zelo n |`o xewox cfl {`ez|ao! oaa! nx {ce| uf|ea znmo-

    nfo zooz nu cfl |cpez nu nwox ef ez hnc|& \`o xewox e|zoa ez nfa|{of|-wo meaoz anfk! hokeffefk ef Zep Meao Acbo cfl gn{efkznu|` |n Eaecmfc Acbo& Ln{f {`oxo |`o xewox moo|z Acbo Eaecmfc!

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    13/28

    HNNM! H_Z\! HNNM

    878

    |`oxo ez |`o Jaczz EWW zoj|enf {`oxo In`f Hcoj`aox aoclz |nuxznx cxl-jnxo xewox xc|oxz& Gnx anjca |oofckoxz {e|` jcxz! Fnflca-|nf ez ae|oxcaa |`o nfa tacjo |n lxewo! cfl |`of! aebo mo! |`o cwo

    |n {ce| nx znmonfo |n jnmo ko| |`om ef c hnc|&Cz cx cz {o bfn{! |`o Cmcynf ez |`o acz| tacjo {`oxo |`oxo

    mc z|eaa opez| c o{ |xehoz n tontao |`c| `cwo o| |n mcbo jnf-|cj|! anz| ef |`o `ellof {nxal n |`o iufkao& \ ez mc ho |xuo! hu|{`of E |xcwoa |n c tacjo aebo Eaecmfc cfl |`o zuxxnuflefk acfl-zjcto! E {nflox e |`oxo ez cf n|`ox tacjo cz xomn|o cz |`ez& E E{cab cf `nux n |`ez xncl! E {eaa ho {`oxo fn nfo `cz {cabol efc |`nuzcfl ocxz! e |`c|&

    E cm `ncxzo c|ox c o{ mefu|oz! ooaefk hn|` nnaez` cfl xulo|n ho oaaefk ef zuj` c tacjo n emmofzo sueo|& Fn nfo jnmoz nx|`o xz| `nux& \`of c hnc| cttocxz nf |`o xewox! mcbefk e|z {c|n{cxl m zelo& \`o zbe mcboz c zn| acflefk cfl Jalo \xonf!c fc|ewo n Fnflca|nf |cbefk `ez znfz nu| nx cf c|oxfnnf jxuezo

    nf |`o xewox! zcz `oaan& E czb e E jcf jc|j` c xelo cjxnzz |`o xewox!hcjb |n `ez |n{f&

    [oaa! |`c| caa lotoflz fn{! lnozf| e|! `o zcz! `ez ooz `el-lof ho`efl {xctcxnufl zufkaczzoz& Jalo ez |xem cfl |cu|! cfl`ez wnejo jaetz ef c |nfo n cfkox mepol {e|` tacua zcxjczm&

    [`c| zelo cxo nu nf> `o czbz! tacuaa hu| fn| sue|o&E |oaa `em Em |cabefk |n owoxnfo chnu| Tohhao&[oaa! E lelf| |`efb nu {oxo `oxo nx c wcjc|enf& Cxo nu nx

    nx ckcefz| Tohhao>M efz|efj| ez wox ckcefz| e|! hu| E cm cazn wox ntof |n ocx-

    efk caa zeloz&Gcex ofnuk`! `o zcz cz {o tuz` n xnm |`o z`nxo&E |`oxo ez c holxnjb n xozez|cfjo ckcefz| Tohhao mefo e| ez

    cfj`nxol ef weaackoz aebo Fnflca|nf! {`ej` n caa |`o zuxxnufl-efk weaackoz ez tox`ctz |`o mnz| ufe|ol cfl wnjca ckcefz| |`o mefo&E| mcboz zofzo& Eaecmfc ez |`o hczo z|c|enf |n |`o mefo ze|o hojcuzo

    e| `cz |`o cextnx| cfl anlkoz! hu| Fnflca|nf! cz |`o jxn{ geoz!{nual ho |`o janzoz| weaacko |n |`o mefo& \`o weaackoxz {nual ooa

    |`o lexoj| emtcj| {e|`nu| mcf n |`o hofo|z& Zuxo! c o{ anjcazjnual ho `exol |n lxewo znmo |xujbz! omt| kcxhcko! nx ln wcxe-nuz juz|nleca inhz nx ,84 cf `nux! hu| nwoxcaa |`oxo ez fn| muj`

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    14/28

    [@EJ@ ZELO CXO UN_ NF>

    87:

    nx |`ez weaacko |n kcef& Gnx c weaacko |`c| opez|z camnz| of|exoa nfzuhzez|ofjo `uf|efk! kc|`oxefk! cfl z`efk |n zuxwewo! |`o mefonoxz fn|`efk n wcauo&

    C|ox c suejb xelo utxewox! {o jexjao hcjb |n{cxl z`nxo! |`ozcmo z`nxo E iuz| ao|& E xocaeyo `o `cz fn ef|of|enf n |cbefk mo

    |n `ez weaacko&Jcf| |cbo nu |`oxo |nlc& \`oxo ez c ufoxca! `o zcz&Hcjb c| z`nxo! Jalo fn|ejoz |`o |xujb E lxnwo |n |`o xewoxz

    olko&\emz |xujb! E zc z`ootez`a&E lnf| mefl \em zn muj`! zcz Jalo! hu| |`o Cfoanfz ef

    kofoxca! |`o cxo ujbefk nxxehao kxool hcz|cxlz {`n {eaa ofl utbeaaefk ocj` n|`ox! `o oaaz& Cfl|`o cxo m knllcmf jnuzefz&

    Jalo knoz nf |n optacef |`c| `o sue| lxefbefk wo ocxz ckn!cfl |`c| zefkao cj| cz kcefol em an|z n ofomeoz ef |n{f& H fn|lxefbefk! n|`oxz {`n ln lxefb |`efb `o ez iulkefk |`om& E lnf|

    kewo c z`e| {`c| |`o ln! E iuz| lnf| {cf| |n ln e| fn mnxo! zczJalo&

    E czb e `o {nual |cbo c inh c| Tohhao! e e| {oxo huea|&E kn| xeoflz |`c| `cwo kn| inhz lnefk z|u! cfl |`c|z fo&\emz znf `cz c jcmt cjxnzz |`o xewox& Knnl toxznf& @o {nxbz

    nx |`o mefo hu| aewoz `oxo& Iuz| |xefk |n mcbo c lnaacx cflaewo& E ko| |`c|& E iuz| `c|o {`of |`ozo tontao xnm Cfj`nxcko! nxWcfjnuwox! nx {`oxowox {cf| |n jnmo `oxo cfl huaaz`e| uz {e|`tcmt`ao|z cfl kxct`z n `n{ knnl e| ez knefk |n ho& E bfn{ |`ojcxehnu cxo mnwefk c{c jcuzo n |`o lxeaaefk |`o cxo lnefk

    cfl hojcuzo n |`o `oaejnt|oxz& E bfn{ |`o z` {eaa leo |`o xz|mez|cbo |`o mcbo& E lnf| fool fn kxct` |n |oaa mo `n{ e| ez caaknefk |n {nxb! jcuzo |`ozo beflz n txnioj|z fowox {nxb cf-{`oxo ef |`o {nxal& \`o cxo lozekfol |n mcbo tontao mnfo!fn| zc|ez |`o anjcaz&

    \`o anjcaz aewo c aeo |`c| mnz| {nual fl lejua|! e fn| emtnz-

    zehao|`o eznac|enf! |`o xoaecfjo nf |`oex fc|ewo zbeaaz |n uf| cfltxnwelo nx |`oex cmeaeoz! cfl |`o acjb n emmolec|o molejca oat&

    \cbo Jalo& @o `cz `cl fefo j`ealxof& Gnux `cwo leol& Nfo xnmZELZ! nfo xnm l{cxzm! nfo xnm mofefke|ez! cfl |`o acz| nfoef cf C\W cjjelof| {`eao c jnuzef {cz lxewefk&

  • 7/31/2019 Boom, Bust, Boom: A Story About Copper, the Metal That Runs the World, by Bill Carter

    15/28

    HNNM! H_Z\! HNNM

    87 Jalo zjxocmz& @ez hnz optanlo ef acuk`|ox c| |`oexlclz optxozzewo acfkucko& @o annbz c| |`om cfl zjxocmz ef in!N` |`o bfn{& \`o {oxo |`oxo&

    Cfl> E czb&Cfl nfo mcf zcz |n mo! N`! Mebo zcz e|z nbc&C| |`ez tnef| Jalo z`e|z `ez oo| cfl kc|`oxz owof mnxo z|ocm

    ef `ez z|nx|oaaefk&E zcel! Mebo ez c ujbefk czz`nao& Cfl nu `cwo |{n j`nejoz&

    M kuf z`nn|efk nu ef |`o czz nx |`o z|c|o |xnntoxz jnmefk `oxocfl cxxoz|efk nu& Oe|`ox {c nu cxo ko||efk n MU ACFL&

    E czb {`c| |`o lel&N`! |`o ao|& Gcz|& Caa |`ozo ujboxz zekf c teojo n tctox |`c|lnozf| caan{ |`om |n z` nux xewoxz! nx `uf| nux acfl! cfl `oxo

    |`o cxo lxefbefk hooxz cfl {c|j`efk |`oex tnao iekkao ut cflln{f {e|` nux z`& E E {cz nf |`oex txntox| ef {`c|owox ujbol-ut tacjo |`o aewo cfl |`o zc{ c fc|ewo mcf nf |`oex acfl! |`o{nual jcaa |`o jntz! xek`|> [oaa! {`c| E zoo ez c {`e|o mcf {`n{nxbz nx |`o mefo {`n ez fn| zuttnzol |n z` nux {c|oxz& Zn ko|

    |`o `oaa nu|! caa |`o {c nu|&Cxnufl oek`| njanjb E |oaa `em E `cwo |n xo|uxf |n Eaecmfc nx

    |`o fek`|& [o z`cbo `cflz&E {nflox& [`c| {nual nu `cwo lnfo e E zcel E {cz ef cwnx

    n Tohhao> E czb tacuaa&E {nual `cwo z`n| nu ef |`o czz {e|` m z`n|kuf! `o

    zjxocmz! naan{ol h c huxz| n acuk`|ox& @ez hnz j`emo ef! cz lnE& [o {oxo ef `z|oxejz c| |`o |`nuk`| n mo hoefk z`n| ef |`o czz

    nf |`o zelo n c xewox ef |`o Caczbc huz`&E| zoomol uff c| |`o |emo&

  • 7/31/2019 Boom, Bust, Boom: A Story About Copper, the Metal That Runs the World, by Bill Carter

    16/28

    ,:44 HEAAENF WZ& C GEZ@

    87?

    34

    ,:44 Heaaenf wz& c Gez`

    \`oxo cxo znmo elocz zn {xnfk |`c| nfa c woxef|oaaekof| toxznf jnual hoaeowo ef |`om&

    Konxko Nx{oaa

    Co{ lcz ac|ox! E cm ef c xnnm nf |`o zojnfl gnnx n |`o Mea-aoffeum @n|oa ef Cfj`nxcko& [ce|efk& \`o `n|oa ez focx |`ocextnx|! cfl m {efln{ cjoz c acxko jexjuacx tnfl {`oxo lnyofzn gnc| tacfoz cxo tcxbol! ela {ce|efk nx |`oex fop| lotcx|uxoef|n |`o `ef|oxacflz n Caczbc& \`o `n|oa! tntuacx {e|` |xcwoaoxz

    z|ujb {ce|efk nx cf ocxa gek`| |n |`o An{ox

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    17/28

    nwoxjnmo {e|` kaoo cz {o go{ chnwo |`o uf|nuj`ol acfl& [`oxo|`o zc{ |`o u|uxo ze|oz n aocj`efk teaoz cfl jxuz`efk tacf|z! Ezc{ |nfz n {cz|o haoolefk |npej j`omejcaz ef|n c txez|efo {c|ox-z`ol& \`o zc{ jnttox hoefk z`ettol |n cf efzc|echao J`efc cflE zc{ c z`ox optoxeofjefk |`o hokeffefk n |`o ofl&

    E cm fowox sue|o zuxo `n{ E cm chao |n ko| nf tacfoz cfl `oae-jnt|oxz {e|` zuj` tontao! mocfefk {` |`o caan{ mo |n |ckcanfk& E `cwo ca{cz ofinol moo|efk tontao E {nual fnxmcaafowox bfn{& Fn mc||ox `n{ muj` E lezckxoo {e|` |`oex toxztoj-|ewo! E aebo |`o olujc|enfca txnjozz n `ocxefk |`om nu|& Hozeloz! ef

    |`ez jczo E fl e| eaaumefc|efk |n zoo ut janzo |`o tuhaej xoac|enfzmcj`efc|enfz n |`o mefefk efluz|x& @n{ |`o z|xc|okeyo& @n{

    |`o {nxb op|xomoa `cxl |n jnfwefjo tontao! iuz| ofnuk` ton-tao! |`c| |`o cxo lnefk |`o xek`| |`efk& \`o bfo{ E {cz c {xe|ox&\`o cazn bfo{ E {cz c jnmmoxjeca z`oxmcf& \`efbefk hcjb! E

    jcf nfa czzumo E {cz kxcf|ol cjjozz hojcuzo E {cz xnm Hezhoo!c |n{f z|ootol ef mefefk `ez|nx& Oe|`ox {c! e| lelf| |cbo anfkuf|ea |`o zc{ mo cz nfo n |`om! c jnmtcf mcf&

    E tu| ln{f |`o hnnb cfl zjcf |`xnuk` m fn|oz xnm m |xet|n Eaecmfc& E annb c| |`o z`nx|`cfl9 mnfo! lex| tnae|ejz! k`|efk

    cmeaeoz! cf ufznawol muxlox! {eal acfl aebo fn nfo jcf emckefo!c oaejnt|ox xelo |n c loot wcaao jexjaol h {eflz{ot| mnuf|cefz{`oxo! lotoflefk nf |`o mcxbo|! c tn|of|eca `cag c |xeaaenf lnaacxzef knal cfl jnttox ze| |`nuzcflz n oo| z|xcek`| ln{f&

    Gefcaa! |`o t`nfo xefkz& E| jcf ho nfa nfo toxznf& Fn nfo oazobfn{z E cm `oxo& In`f Z`ewoa! JON n Tohhao Tcx|foxz`et! |oaaz

    mo `o jcf moo| nx lxefbz ef |`o `n|oa hcx ef |{of| mefu|oz& [o|xeol |n ztocb c|ox |`o oaejnt|ox mefo |nux hu| |`c| |uxfol nu| |nho emtnzzehao luo |n `ez zj`oluao& [o `cl ckxool |n moo| ef |`ez`n|oa utnf xo|uxfefk |n Cfj`nxcko&

    E zact znmo {c|ox nf m cjo cfl ln{f c zojnfl jut n hacjb

    |oc& [e|` fn|ohnnb ef `cfl! E xcjo ln{fz|cexz! xomeflefk mzoa{`c| E bfn{ chnu| In`f Z`ewoa& @o ez nxekefcaa xnm Knz`of!Fo{ Unxb! cfl c||oflol jnaaoko c| |`o _fewoxze| n Fnx|` Jcx-naefc! J`ctoa @eaa& @ez nx|-tauz ocxz ef Caczbc lc|o hcjb |n

    357?! {`of c| |`o cko n |{of|-|{n! `o zc| ef |`o hcjb n cjaczzxnnm cfl aez|ofol |n c kuoz| ztocbox |cab chnu| WEZ\C! Wna-

    uf|ooxz ef Zoxwejo |n Cmoxejc! c txnkxcm lozekfol |n ho In`fBoffol cfl Zcxkof| Z`xewoxz _&Z& jnuf|oxtcx| n |`o {nxal{elo

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    87;

    Tocjo Jnxtz! hn|` k`|efk tnwox|& \`o ztocbox zcel znmo|`efk|`c| lc |`c| jnfwefjol Z`ewoa |`c| `o foolol |n inef ut& @o

    {cf|ol |n kn tacjoz `o `cl fowox hoof cfl mcbo c leoxofjo&C mnf|` ac|ox `o acflol ef Ho|`oa! c xomn|o Uuteb je| ef {oz|-

    oxf Caczbc& C|ox zep mnf|`z {nxbefk nx WEZ\C |`oxo `o mekxc|ol|n Ucbu|c|! cf eznac|ol je| |ujbol ef |`o an{acflz canfk |`o Kuan Caczbc! |{n `uflxol meaoz fnx|`{oz| n Iufocu& @o z|colc| |`ez tnz| nx fefo|oof mnf|`z& @ez acz| z|ef| {e|` WEZ\C `cl

    `em z|xcttol |n c j`cex! cz `o {nual ac|ox |oaa mo! ef Gcexhcfbz!{`oxo `o cj|ol cz c zutoxweznx nx |`o wnauf|ooxz ef |`o UubnfXewox xokenf! Bn|yohuo! cfl |`o Fnx|` Zanto lez|xej|& \`of! xnm3507 |n 3558! `o inefol FCFC Xokenfca Jnxtnxc|enf! c Fc|ewoCaczbcfn{fol jnmtcf! hokeffefk cz c wejo txozelof| cfl owof-

    |ucaa hojnmefk |`o j`eo ntoxc|efk njox& Cz JNN! `o nwoxzc{|`o lowoantmof| n Xol Lnk mefo! |`o {nxalz acxkoz| yefj mefo!anjc|ol ef |`o op|xomoa xomn|o Lo Anfk Mnuf|cefz fefo| meaozfnx|` n Bn|yohuo& C|ox aocwefk FCFC! `o hojcmo |`o jnmmez-

    zenfox n |`o Caczbc Lotcx|mof| n Fc|uxca Xoznuxjoz xnm 355?uf|ea Zot|omhox 8444& @o cazn zoxwol cz |`o j`eo n z|c nx Caczbcknwoxfnx [eaaecm Z`ooal ef |`o mel-3504z& Z|eaa! `ez {nxb {e|`WEZ\C zoomz |n ho ez toxznfca jcaaefk jcxl& [e|`nu| e| o {nual hoiuz| nfo mnxo opoju|ewo lxnfo! `oxo |n optane| |`o fc|uxca xoznuxjozef |`o kxoc| `nto |`c| c hujb efwoz|ol ez {nx|` |of ef txn|&

    Z`ewoa z|xeloz ef|n |`o `n|oaz hcx {ocxefk z`nx|z cfl z{oc|-efk txnuzoa& @o optacefz `o xnlo `ez hebo |n |`o hcx& @o cazn

    lxewoz c `hxel \nn|c @ek`acflox cfl ac|ox |oaaz mo `o n{fzcf nxkcfej cxm ef Fohxczbc& E jcffn| |oaa e `o jcxoz chnu| `ezjcxhnf nn|txef| nx ez jcxoua |n txnioj| |`c| `o ez ofwexnfmof-|caa jnxxoj|& E lojelo e| ez |nn ocxa |n iulko& Hozeloz! E bfn{ `o

    `cz ztof| mnz| n `ez clua| aeo cz c xokez|oxol Lomnjxc|! cfl `own|ol nx Nhcmc! c cj| |`c| tu|z `em c| nllz {e|` camnz| caa n`ez mefefk jnaaockuoz! cfl |`c| `o `cz hoof cf cwel hebo xelox nx|{n lojcloz&

    E| ko|z ho||ox kcz meaocko! Z`ewoa cfz{oxz! {`of E czb {`

    `o lxewoz |`o `hxel! kewefk |`o zmcx|oz| cfl mnz| xocznfchaocfz{ox tnzzehao& E lojelo |n `ocx `em nu|&

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    HNNM! H_Z\! HNNM

    870

    @o nxloxz hooxz nx hn|` n uz& Gnx c mcf `nalefk |`o xoefz njnf|xna nwox |`o mnz| jnf|xnwoxzeca txnioj| ef Caczbc zefjo |`onea tetoaefo! `o zoomz xomcxbcha c| oczo |cabefk |n mo! c {xe|ox

    {`n cz |nal em ut xnf| |`c| cz c jnmmoxjeca z`oxmcf ef Hxez-|na Hc E ocx |`c| Tohhao mefo {eaa loz|xn nfo n |`o kxoc|oz|

    xoznuxjoz ao| nf Ocx|`! |`o {eal zcamnf&

    Z`ewoa z|cflz wo nn| oek`|! {e|` z|uxl aokz cfl hauo ooz |`c|zoom |n |{efbao cfl xn{f c| |`o zcmo |emo! aebo c mcf jcuk`|ho|{oof acuk`|ox cfl xomnxzo! {`ej` oflz ut annbefk aebo c zoa-jnfzjenuz foxwnuz z|c|o n mefl& Ef|oaaekof| cfl iulejenuz ef `ez

    xoztnfzoz |n m suoz|enfz! Z`ewoa `cz hoof lozjxehol cz hoefktnae|ejcaa cz|u|o! nx cz ez ofomeoz aebo |n zc! jxc| nx z`e|&Hu| |`nzo zcmo tontao cazn zc! Unu {nf| jc|j` `em zcefk |`o{xnfk |`efk! owox& [`of Ewo mof|enfol `ez fcmo |n |`o mnxownjca nttnfof|z n |`o mefo! |`o j`cxcj|oxeyc|enfz jcf ko| mnxojnanxua& Nfo toxznf {`n `cl bfn{f Z`ewoa nx camnz| |`xoo

    lojcloz {cxfol mo |n ho wox jcxoua cxnufl `em! cfl |`c| `o

    xotxozof|z |`o zcmo nal jxuz| {`e|o mefefk opoju|ewo lnuhao-|cab {`eao c| |`o zcmo |emo |`o `cwo jxo{z xctefk |`o tacjo cflaocwefk uz {e|` c ujbefk lezcz|ox&

    N jnuxzo nfo n |`o |`efkz Z`ewoa ez mnz| bfn{f nx ez aefk

    & & & cfl |`of ko||efk jcuk`|& Ef 350? {`of `o {cz |`o j`eo nz|c nx Lomnjxc|ej knwoxfnx [eaaecm Z`ooal! `o aeol |n txnz-oju|nxz efwoz|ekc|efk |`o knwoxfnx xokcxlefk znmo ca|oxol lnju-mof|z cfl huealefk aoczoz& Hojcuzo `o {cz fn| uflox nc|` c| |`o

    |emo `o aeol |n |`o txnzoju|nxz! `o lel fn| cjo toxiux j`cxkoz&@o {cz |`of kewof emmufe| xnm txnzoju|enf cfl ac|ox |oz|e-ol |xu|`uaa ef jnux| |`c| `o lel |`o ca|oxefk! caaokola ufloxlexoj| nxloxz xnm |`o knwoxfnx& Znnf c|ox clme||efk |n aefk! oxozekfol `ez tnz|& \`of Z`ewoa |xcz`ol |`o txnzoju|nx cz hoefknf c {e|j` `uf| ckcefz| |`o knwoxfnx! {`n ac|ox hcxoa zuxwewolhoefk emtocj`ol h |`o z|c|o aokezac|nxz&

    Z`ewoa zoomz aebo znmonfo {`n lnozf| aebo |n anzo& Owox& Cz

    nx `ez optoxeofjo ef mefefk! `o ntofa clme|z `o `cz fnfo&Cz c JON E `exo tontao {`n ln bfn{! `o xotaeoz {`of E czb

    `em chnu| `ez mefefk hcjbkxnufl&

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    ,:44 HEAAENF WZ& C GEZ@

    875

    @ez mnz| lexoj| efwnawomof| ef |`o mefefk huzefozz {cz `ez{nxb nx FCFC! {`of o oatol hueal |`o Xol Lnk yefj mefo efBn|yohuo! c mefo |`c| c oloxca iulko xuaol ef 8447 `cl wenac|ol

    |`o Jaocf [c|ox Cj| 730 |emoz! h tumtefk mnxo tnaau|enf |`cfe|z lezj`cxko toxme| caan{ol ef|n Xol Lnk Jxoob&

    [o `cl znmo txnhaomz! hu| |`o owof|ucaa kn| pol! `ozcz chnu| |`o Xol Lnk tnaau|enf txnhaomz&

    E tcuzo! mcbefk c mof|ca fn|o |`c| o hczejcaa lezmezzol {`c|`cz hoof c mcinx tnaau|enf ezzuo ef Caczbc nx camnz| |{n lojcloz&\`ez txnhaom n wenac|efk |`o Jaocf [c|ox Cj| ez opcj|a {`c|{nxxeoz zn mcf tontao e Tohhao ez caan{ol |n ntof& Gnx c suejb

    mnmof| E |`efb n Hezhoo cfl `n{ zmcaa c mefo e| {nual ho efjnmtcxeznf |n Tohhao cfl o| `n{ zemeacx txnhaomz {nual opez|&

    Zofzefk |`o zuhioj| {cz lnfo cz cx cz `o {cz jnfjoxfol! E czbchnu| `ez xnao c| Tohhao Tcx|foxz`et&

    E lnf| |`efb n mzoa cz c mefox! o zcz& E |`efb n mzoa

    cz c jnmmufe| lowoantox& \`c| ez m omt`czez! ca{cz `cz hoof&Cfl E bfo{ E {cz knefk |n jc|j` c an| n `oc| nx |`ez inh& E bfo{

    E {nual ho c||cjbol! {`ej` xocaa lelf| hn|`ox mo! hu| E lelf|{cf| e| |n `ux| m cmea nx |`nzo janzo |n mo&Mcho |`c| ez {` `ez {eo ztoflz mnz| n `ox |emo nf |`oex

    cxm ef Fohxczbc& E kn |`oxo sue|o c he|! iuz| |n ko| c{c xnmCfj`nxcko& E| jcf ho c hxek`| aek`| `oxo! cfl E {nualf| ho lnefk|`ez inh! {`ej` E lnf| xocaa fool c| m cko! ufaozz E xocaa|`nuk`| |`ez mefo jnual `oat |`o xokenf cfl |`o fc|ewo tontao{`n aewo |`oxo&

    Owox|`efk chnu| `ez hnl acfkucko cfl cjeca optxozzenfmcboz mo hoaeowo |`c| `o mocfz {`c| `o zcz! {`ej` ezf| |n zc{`c| `o zcz ez |xuo& Hu| E hoaeowo `o hoaeowoz e|& E |oaa Z`ewoa nnfo mcfz ef|oxtxo|c|enf n jnmmufe| lowoantmof|! c aefo |`oTohhao Tcx|foxz`et uzoz n|of ef zoaaefk |`o eloc |n |`o tuhaej&

    \`o mcf `cl zcel! {e|` zte| gefk xnm `ez mnu|`! \`o cxo

    lnefk jnmmufe| lowoantmof| e e| mocfz lowoantefk |`o mnz|jnxxut| cmeaeoz ef |`o cxoc! tcefk n xeoflz! loz|xnefk |`o

    acfl! `exefk anjcaz |n jaocf |neao|z! cfl aocwefk c |npej teao |`c|{eaa nfo lc loz|xn |`o {c|ox& E kuozz |`c|z nfo {c |n lofojnmmufe| lowoantmof|&

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    ,:44 HEAAENF WZ& C GEZ@

    8;:

    Hu| uf|ea |`o zjeofjo cfl |`o mefo tacf cxo uaa lowoantol! E{nf| bfn{& E lelf| fool |`ez inh! hu| E zc{ e| cz cf emtnx|cf|nttnx|ufe| |n j`cfko |`o ojnfnm n c xokenf |`c| jnual xocaa

    uzo znmo ojnfnmej z|emuauz&Nf |`c| tnef| {o ckxoo& \`o xokenf ez ojnfnmejcaa lotxozzol!

    {e|` mnz| efjnmoz |eol lexoj|a |n z`efk nx |`o njjczenfca z`n| ef|`o cxm xnm |nuxez|z& \`o z|emuauz `o |cabz chnu| zn xosuof|aefjauloz inhz nx chnu| zep uflxol |n nfo |`nuzcfl tontao! {e|`c hczo zcacx n chnu| ,04!444 c ocx& \`c| ez cx chnwo {`c|tontao ef |`o xokenf mcbo |nlc! hu| |`oxo cxo fn txnmezoz anjcaz{eaa ko| |`o mcinxe| n |`o `ek`-tcefk inhz! cfl e n|`ox mefoz

    cxo cf eflejc|nxcfl |`o uzucaa cxomcf inhz {eaa ho nu|-znuxjol |n `exol txnozzenfcaz |xcfztacf|ol |n |`o cxoc&

    Z`ewoa cfl E z|cx| nux zojnfl hoox cfl |cab chnu| nux mu|uca!hu| xoztoj|ua! `c|xol n ocj` n|`oxz cwnxe|o jnaaoko hczbo|hcaa|ocm! `ez hoefk Fnx|` Jcxnaefc cfl mefo! |`o _fewoxze| n Cxe-

    ynfc& Fn mc||ox n{ mcf hooxz {o z`cxo! |`ez {eaa ca{cz lewelouz! cfl tox`ctz hnfl uz2 ztnx|z `cz c {c n lnefk |`c|&

    Ln nu |`efb nu {eaa z|eaa ho {e|` Tohhao Tcx|foxz`et {`of|`ez mefo cj|ucaa ko|z ef ntoxc|enf> E e| owox lnoz> E czb&Em txo|| zuxo znmonfo {eaa ho ztxoclefk m cz`oz h |`o

    |emo |`c| `cttofz! `o zcz {e|` c j`ujbao&E `cwo |n clme| E fl Z`ewoa aebchao! uff! cfl efzek`|ua!

    {`ej` mcboz mo ooa nfa mnxo znxx nx `em! hojcuzo E jcf|`oat hu| |`efb ln{f loot `o bfn{z `o z`nual |uxf nu| |`o aek`|zef |`o njo! janzo |`o lnnx cfl |`xn{ c{c |`o bo! lxewo |n |`o

    cextnx|! cfl hncxl |`o fop| gek`| |n Fohxczbc cfl xelo `ez hebocanfk lex| xnclz nf `ez nxkcfej cxm&

    @o z|otz c{c |n |`o hc|`xnnm cfl E |`efb n [cle Gcfcf efInxlcf& E| ez c jnttox mefo |`c| `cz hoof lnxmcf| nx |{n |`nu-zcfl ocxz! zefjo |`o Xnmcfz chcflnfol |`o ze|o& \nlc caa |`ozuxxnuflefk woko|c|enf cfl aewoz|njb|`c| oc| |`c| woko|c|enf

    z|eaa z`n{ lcfkoxnuza `ek` aowoaz n jnttox ef |`oex |ezzuo&

    Z`ewoa xo|uxfz! cfl E xomefl `em |`c| `o `cz jcaaol znmo n|`o ofwexnfmof|ca kxnutz |`c| nttnzo |`o mefo ofwexnfmof|ca|oxxnxez|z& @o zcz |`o cxo |`o nfoz |`c| cxo uzefk cazo efnxmc-

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    HNNM! H_Z\! HNNM

    8;@o ez ko||efk c `uko tcj`ojb nx `ez cwnxe|o wnjc|enf9 k`|efk&Tcx| n mo emckefoz `o lnozf| hoaeowo `ca n {`c| `o zcz! cfl{`of |`o |emo jnmoz |n hxocb kxnufl nf |`o mefo! `o {eaa sue|&Mcho `o {eaa je|o toxznfca cmea xocznfz cfl hn{ nu|& Mcho`o {eaa jexjuac|o xumnxz |`c| `o {cz ca{cz ckcefz| |`o mefo hu|

    |nnb |`o inh |n mcbo zuxo e| {cz `oal |n |`o `ek`oz| z|cflcxlz&Znx| n c \xnicf `nxzo |`c| ca{cz `cl |`o hoz| ef|oxoz| n |`oxokenf ef mefl& Tuhaeja `o {eaa |`cfb Tohhao nx |`o nttnx|ufe|cfl `nto |`o xokenf txn|z kxoc|a xnm |`o txnioj|&

    E `cwo |n |oaa mzoa |`ez cz E zet m hoox hojcuzo n|`ox{ezo E

    `cwo fn j`nejo hu| |n hxocb |`ez hoox kaczz nf `ez cjo&Nf |`o anfk gek`| nmo E xocaeyo |`c| {xe|efk chnu| zcwefk {ea-

    loxfozz ez lejua|& @n{ ln E optacef |n tontao |`c| |`o fool |n`oat zcwo c tacjo |`o {eaa fowox zoo xnm cf ofjxncj`efk mnf-z|ox |`c| `cz fn pol cjo> \`o mefefk jnmtcf! |`o JON! |`o

    toxme||efk txnjozz! cfl |`o uhesue|nuz clwox|ezefk jcmtcekf cxocaa cxmz n |`o zcmo muxb jxoc|uxo& E cm fn| jox|cef `n{ |n|cjbao |`ez |czb! hu| E cm jox|cef fn nfo z`nual kn |n |`o tacjo E`cwo lozjxehol honfl |`o z`nxoz n Eaecmfc! opjot| |`nzo {`ncaxocl bfn{ {`oxo e| ez hojcuzo |`oex kxcflc|`oxz z`n{ol

    |`om& Fn mnxo konankez|z! henankez|z! cxj`conankez|z& Fn mnxotontao z|ulefk c tacjo |`c| foolz nfa |n ho nxkn||of h nu|zel-oxz& Fn nfo foolz cfn|`ox xotnx| |n kuxo nu| |`c| |`o txejo ez |nnz|oot |n z{ct |`ez z{c|` n {eal acfl nx c mefo& Nx |`c| e |`ezxokenf ez ntofol ut |n c mefo e| {eaa ho toxmcfof|a ca|oxol! cflowof|ucaa loz|xnol& Oek`| |`nuzcfl ocxz n c jjaejca xnu|efo

    hxnbof nxowox&Nfjo `nmo! m {eo suejba `cflz mo |`o hch& \exol xnm

    xuffefk |`o `nuzo nx zn anfk! z`o tnz|tnfoz cf |cab chnu|Caczbc nx c o{ lcz& E `cwo mezzol m cmea nx |`xoo {oobzcfl E cm suejba |xcfznxmol xnm {nxxefk chnu| Tohhao mefo

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    HNNM! H_Z\! HNNM

    8;7

    |n {nxxefk chnu| m nufk belz& Cfl anwefk |`om& \`of nfofek`| c|ox |`o j`ealxof cxo |ujbol ef|n hol {o ntof znmo {efocfl |cab chnu| Caczbc cfl Tohhao& Z`o bfn{z |`o ezzuoz cfl ez

    {nxxeol& Z`o {nxbol |`xoo zummoxz ef Caczbc! nfo ef |`o {c|oxzn @nmox jnuf|efk {`caoz! cfl z`o `cz c kxoc| tczzenf nx txo-

    zoxwefk {eal Caczbc&[oaa> z`o czbz&E|z c hc||ao! E cfz{ox&[`n ln nu |`efb {eaa {ef>E uzucaa {nual zc hek mnfo! hu| ef |`ez jczo |`oxo ez zn

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  • 7/31/2019 Boom, Bust, Boom: A Story About Copper, the Metal That Runs the World, by Bill Carter

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