Vol 19 (2022) - Issue 3

Article preview

The Commercialisation of Outer Space: How an International Securities Framework Can Be the Launching Pad for a Global Space Economy

Synopsis
In a previous article, the author outlined recent trends in government and private entity activities in outer
space and provided an overview of how those activities may give rise to various challenges and opportunities in a restructuring and insolvency context.
The article was the first in a series of space-themed pieces intended to launch a global conversation highlighting the economic benefit of outer space activities, and the importance of having in place clear, consistent and effective international legal rights, obligations and norms to incentivise ongoing innovation and returns from a genuine 'space economy'.
The first article provided an overview of recent international investments and growth in outer space activities, while also drawing attention to how inconsistency concerning the treatment of property rights and liabilities in space under international law may lead to increased complexity and disputes that could undermine efficiency and maximised returns in both an insolvency and broader economic context.
In this next article in the space-themed series, the economic and legal analysis of outer space activities is continued – this time focusing on how private entities are now driving the commercialisation of outer space, and how this can serve as a pillar of future economic growth on a global scale. It is also considered how, in the context of underdeveloped international regulations and norms governing outer space activities, the adoption of a uniform securities framework can incentivise further investment and support continued innovation and technological development that will underpin a new commercial 'space race'.