HISTORICAL CONTEXT OF SUSTAINABILITY

Historical Context of Sustainability

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Executive Summary

In the current era, the industrial demand for silver has increased to a great extent that expanded its role in the international market of silver. This has greatly because of remarkable growth in industrial boost. Moreover, other sectors (silverware and photography) weaknesses play a significant role in raising Silver's international demand.

The paper discusses the increased industrial demand of Silver, particularly in two industries - electric power and automobiles industries. In electric power, the most significant power source in international industry is based on the electric power distribution grounded upon contacts of silver in circuit breakers and switches. These silver contracts in covering panels of switch become a standard of the industry, as well as Silver also used in elevator buttons, processes of chemicals and railway traffic controls.

In addition, automobile industry is also not an exception as it also uses Silver in almost all modern cars manufacturing. Every car on the road is nowadays equipped with Silver and people take advantage of this metal. This industry uses more than 36 million ounces of silver per annum. Likewise, today, all cars and every electric action are prompted because of silver coated contracts. The key automatic function available in a car is because of silver membrane switch such as adjusting power seats, opening and closing windows, engine starting and closing of trunk.

In conclusion, silver has widespread implications as regards to its industrial use ranged from medical use to the auto industry. However, it must be taken into consideration that it is a natural resource and extensive or waste of Silver will eventually vanish it. Hence, it must be used in a strategic way with appropriate strategic approach.

Historical Context of Sustainability

Overview

Technology is the key driving force behind the increase in the demand of silver and main influence behind silver industry off-take. In general, the industrial demand for silver has experienced nearly a continuous growth period, with an increase of about 230 Moz or 84 percent between 1990 and 2007. Afterwards, in the year 2008, the crisis of the global economy had significantly impacted the demand of silver because of decline in the consumer market as they stop buying electronic products, along with the fall in construction. This was exaggerated by a decrease in stocking across the supply pipeline that weakens the industry by 19 percent in comparison to 2007 statistics (Parker, 2010, p.329).

Over the last 20 year, industrial applications widely used silver that predominantly affected the economic growth and industrial production trends, instead by movements in prices of silver. This is because of price elasticity due to the absence of a substitute, which gave a boost to the use of silver, particularly in electronics and electrical industries. Other factor that boosts the demand of silver in the industries is because of the growing uses myriad where the metal has been used, ranged from the photo voltaic and the ethylene oxide industry, to the entire mass of electronic ...