In developing this argument it is crucial to understand the unrealized and massive
economic and humanitarian rewards involved with space commercialization. Currently, the space
industry is a multi-billion dollar industry where processes combining science and industry are
conducted that cannot otherwise be performed on earth. Over the past decade, the space industry
has provided “vital products including, medicine, pharmaceutical drugs, antibiotics, vaccines,
computer micro-processing chips, new metal alloys, electronics, energy and many
others”(Twibell 591). Scientists estimate that within the next forty years industrial advancements
will increase tenfold as industries colonize other planets in the solar system to gain an economic
advantage. Kosmo talks about these very advances in his journal and he explains, in detail, that
the,
Future commercial uses of space include telecommunication, remote satellite
observation, materials processing and space mining. Today, telecommunication
satellites provide almost instantaneous commination around the world though the
transmission of radio and television signals. In addition, remote satellite
observation is currently being used to location natural resources, provide
meteorological information, and track the movement of armed forces. Manned
space stations will be used for research and materials processing. Mining for
mineral resources on celestial bodies, such as mood and asteroids, is foreseeable
as technology advances (Kosmo 1056-57).
It is important to note that the majority of the space laws guiding these practices can be traced to
the time between 1932 and 1967. These documents are becoming outdated as new technological
advancements come into play. It is clear that a reformation needs to be highly sought after.
Currently space law is mainly concerned with the protection of government liabilities and
the security of other nations. Space law is just like international law but on a more general scale,
for example space law consists mainly of conventions, international agreements, and treaties, all
aimed at government-to-government agreements. The few space laws that currently hold
prevalence in both the old and modern world are the “liability for damages caused by space