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The subject of this book is the degree to which the market and environmental protection are compatible. Can 'market mechanisms' be used to achieve adequate environmental protection? If not, can 'non-market regulations' be imposed on market mechanisms to achieve environmental protection? Alternatively, is adequate environmental protection incompatible with the existence of the market? The aim of this book is to make some progress in answering these very important questions.
There is an ongoing debate as to whether market mechanisms can be modified in order to achieve environmental protection. In this book the author outlines the various sides of the debate in an unbiased way and concludes that there is no straightforward answer to the question of whether the market can achieve long-term environmental protection. Topics covered include: neo-classical economics, externality internalisation, the tragedy of the commons, environmental economics, the unsustainability of poverty, the resources for environmental sustainability argument for the market, tradable permits, non-market regulations and contingent valuation.
1 The Market has a Positive Role to Play in Environmental Protection
2 The Market is Responsible for Environmental Degradation and Incapable of Environmental Protection
3 The Role of Regulations in Environmental Protection
4 The Concept of Sustainable Development