U.S. is far behind other states in developing economic development plan for the Arctic

In addition to the weaknesses of the military preparedness, the United States seems to be the only Arctic coastal state that does not currently have any large-scale economic development plan for the region, despite the fact that there is a potential of vast energy resources in addition to fishing and minerals. David Rubenstein, co-founder of a $107 billion global asset management company, describes the entire Arctic region as "the last emerging market” as he states; "Right now, Russia is ahead of the United States. Right now, we're not in the game. Russia is in the game, along with the Scandinavian countries. Canada is moving to get into the game. Meanwhile, the U.S. and Alaska are mainly just talking.”⁵³ U.S. Coast Guard Captain, Melissa Bert, supports Rubenstein’s view as she says that the United States needs an Arctic governance and acquisition strategy.⁵⁴ “The U.S government is unprepared to harness the potential that the Arctic offers. The United States lacks the capacity to deal with potential regional conflicts and seaborne disasters, and it has been on the sidelines when it comes to developing new governance mechanisms for the Arctic”, she states.