Week 2

Natural Capital

Natural Capital

The stock of natural resources and ecosystem services that underpin human wellbeing and economic development.

Community

A social organization based on small groups with shared values, interests, and identities.

Globalization

The process that has made belonging to a community more complex due to interconnectedness and changing dynamics.

Gemeinschaft

A society characterized by personal relationships and face-to-face interactions valued as end goals.

Gesellschaft

A society characterized by impersonal, formal, and contractual relationships where social relations are means to an end.

Imagined Communities

Concept by Benedict Anderson referring to communities formed through shared identities and interests, often beyond geographical locations.

Natural Capital Elements

Includes financial capital, political capital, social capital, human capital, cultural capital, natural capital, and built capital.

Indigenous Approach to Natural Capital

Focuses on using natural capital for a subsistence economy, emphasizing sustainability and cultural values.

Colonial Approach to Natural Capital

Transforms natural capital into financial capital, often leading to environmental degradation.

Ecosystem Services

Critical services, such as clean air, water, and biodiversity, provided by healthy ecosystems.

Biodiversity

The variety of life forms within an ecosystem, crucial for maintaining stability and resilience.

Appropriation Doctrine

Allows water rights to be established by the first claimant, limiting them to a specified withdrawal amount, regardless of land ownership.

Riparian Doctrine

Limits water rights to landowners adjacent to streams, allowing reasonable use without severely diminishing flow.

Invasive Species

Non-native species introduced to an ecosystem that causes economic, environmental harm, or human health risks.

Transaction Costs

Costs incurred when making an exchange, which can be direct monetary costs or indirect costs like time and social interactions.

Cultural Capital

The cultural knowledge and resources that influence social mobility and community dynamics.

Social Capital

Trust, networks, and relationships that enable coordination and cooperation within a community.

Political Capital

Resources and influence derived from political connections that affect community dynamics.

Community Identity

A collective identity formed through interactions, relationships, and cultural practices within a community.

Sustainable Development

Development that meets the needs of the present without compromising future generations' ability to meet their own needs.

Urban Sprawl

The uncontrolled expansion of urban areas into rural land, often leading to environmental and social challenges.

Land Use Conflicts

Disputes arising from different interests and demands on land, particularly between urban and rural areas.