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of capital, the amount, quality, and location of resources,

and upon the state of technology, in fact most attention

has been devoted to considerations of capital and capital

formation; and, to some degree, to questions regarding

technology. Almost any text in economic history, for

example, might include sections dealing with capital and

capital markets, with technology and industry, with

transportation systems, and to some extent, with people.

 It would deceive the reader to pretend that

the importance of natural resources has been overlooked.

Many historians try to deal with it. The longer accounts

make the timeworn treatments of iron, copper, coal and

petroleum, and sometimes electricity. The customary

puddling, Bessemer convertor and open hearth treatment

is given to steel. The Gogebic, Vermillion, and Mesabi

iron ranges are given occasional and brief mention. The

necessity of adequate transportation facilities and the

fortunate juxtaposition of iron, coal, lakes, and fertile

farmland sometimes are noted. The change in the United

States trade position in recent times, from that of

being a net exporter of raw materials, is fairly common

knowledge; however, the reader is usually left with the

impression that the productive might of the United States

industrial machine has simply outstripped the ability of

the raw material producing sector to meet the nation's

needs; whereas a large part of the cause of the drift

actually lies in the relative exhaustion of the richest

domestic ores.