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9 - Market policies

Published online by Cambridge University Press:  19 December 2024

Michael Cox
Affiliation:
Dartmouth College, New Hampshire
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Summary

This chapter pulls together content from several previous chapters to discuss arguably the most popular type of property-based policies: markets. We have already discussed markets through our examination of exchange rights in Chapter 5. There we associated exchange with reciprocity, establishing trade as a culturally ubiquitous phenomenon. As such we need to distinguish “markets”, which include informal exchange and are found everywhere but are less legible to state actors, with market-based policies, which are public policies that include the allocation of exchange rights and are our subject for this chapter. In Chapter 5 we also considered the goals of equity and efficiency that are a strong part of the dominant market discourse. Efficiency is a primary theoretical motivation for most market-based policies, and so we build further on that discussion here.

In Chapter 6, we introduced the idea of a policy panacea, which we will reflect on a fair amount in this chapter, since the market-based policies we will discuss in this chapter have often received the panacea treatment from their promoters. In Chapter 8 we introduced the idea of a hybrid property regime involving multiple types of actors, each with its own set of rights. In this chapter we unpack market policies as their own kind of hybrid property regime, commonly involving a state actor (or in some cases an NGO) with control rights and resource users with use and exchange rights.

We will explore three types of market-based environmental policies, based on O’Donnell's (2018) classification: (1) public goods markets (e.g., PES policies, conservation easements, certifications); (2) tradeable environmental allowances: shared resource markets (e.g., catch shares); and (3) tradeable environmental allowances: regulatory markets (e.g., cap-and-trade). A public goods market involves an external actor paying a local actor for the provision of a public good, based on a formalized evaluation or certification scheme. A prominent example of what O’Donnell (2018) refers to as a public goods market are payment for ecosystem services policies. In this case, money is being exchanged for environmental benefits – such as avoided deforestation – that are framed as public goods, and entitlements are granted to landowners.

Type
Chapter
Information
Common Boundaries
The Theory and Practice of Environmental Property
, pp. 165 - 186
Publisher: Agenda Publishing
Print publication year: 2024

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  • Market policies
  • Michael Cox, Dartmouth College, New Hampshire
  • Book: Common Boundaries
  • Online publication: 19 December 2024
  • Chapter DOI: https://doi.org/10.1017/9781788214728.013
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  • Market policies
  • Michael Cox, Dartmouth College, New Hampshire
  • Book: Common Boundaries
  • Online publication: 19 December 2024
  • Chapter DOI: https://doi.org/10.1017/9781788214728.013
Available formats
×

Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Market policies
  • Michael Cox, Dartmouth College, New Hampshire
  • Book: Common Boundaries
  • Online publication: 19 December 2024
  • Chapter DOI: https://doi.org/10.1017/9781788214728.013
Available formats
×