The most effective way of preventing damage of any kind is to make the originator of the damage liable and to require him to rectify it. How can this principle, that works perfectly if a private good is damaged, be applied to the environment? Which are the advantages and limitations of a...

The debate on environmental policy generally focuses on the industrialized countries. It is often neglected that rapid economic growth in the newly industrializing countries is certain to lead to the rise of environmental issues on a large scale. Especially Eastern and South East Asia will...