The Development of Commercial Space Law

In: Business and Management

Submitted By JSLeonard1991
Words 2241
Pages 9
The Development of Commercial Space Law
MG261 Business Law II
John S. Leonard
Park University

Abstract
The commercialization of space progressed at a very slow and easily managed pace for the first four decades after humanity’s emergence into space. Now with the increased interests in space by private sector entities the factor of control has been altered to a point that must be addressed. The radical shift from government based exploration to private sector exploration and development of space based technologies can be attributed to the change in policies by the most influential nations that operate within outer space. The promotion of private industry by the United States of America since the political party lead by President Obama took charge of the government has opened the door for funding and ease of accessibility into outer space. With the potential for profit high, the number of private entities to develop space exploration and exploitation technologies will continue to grow and with this increase comes a need to overview to current space law in order to ensure that it is being implemented accordingly or if it needs to be restructured.

The Development of Commercial Space Law
Law is defined as, “the principles and regulations established in a community by some authority and applicable to its people, whether in the form of legislation or of custom and policies recognized and enforced by judicial decision” (Law). The laws that are established are therefore derived from the community and according to The Outer Space Treaty, which is the foundation of all of space law, “the exploration and use of outer space shall be carried out for the benefit and in the interests of all countries and shall be the province of all mankind” clearly decrees that the community encompasses the entirety of the world ("United Nations Office…...

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