Final answer:
Economic growth has historically been linked to exploitation and extraction of natural resources, driven by advancements in technology, human capital, and physical capital within market-oriented economies. However, sustainable development is challenged by environmental exploitation which can undermine long-term economic stability.
Step-by-step explanation:
Economic growth has traditionally been linked to the control over natural resources through exploitation and extraction. Earlier economic theorists like Adam Smith and David Ricardo understood that land was a primary resource that dictated economic development, primarily through farming, timber, mining, and game. However, they could not predict the technological advancements brought about by fossil fuels, which have significantly fueled economic growth.
Furthermore, modern economic development has embraced a combination of technology, human capital, and physical capital within a market-oriented context to stimulate growth. For many nations, the legacy of government controls has posed challenges to economic growth. Yet, the move towards more market-oriented economies has been essential for fostering faster economic growth.
Despite efforts to encourage sustainable development, the reality of environmental exploitation remains a global challenge with profound implications for economic stability and the persistence of global biodiversity.