Economics and the Global Environment

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"Economics and the Global Environment is a path-breaking, comprehensive analysis of how economic and environmental systems mesh in the international context. The book investigates if and how environmental resources, such as global climate, genetic diversity, and transboundary pollution can be managed in an international system of sovereign states without a Global Environment Protection Agency. It also considers traditional international economics--theory and policy--and explores how they can be expanded to accommodate environmental values. Until recently, trade theory and trade policy neglected pollution and environmental degradation. This situation has changed dramatically, and the controversial and corrosive issues of trade and the environment are here given careful analysis. These topics are enriched by a concise presentation of the principles of environmental economics, and a thoughtful treatment of sustainable development. The book will appeal to students and practitioners of trade and development, as well as the environmental community"--Container.

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Contents

Introduction and Plan of the Book
3
2 Stepping Back
6
3 Internationalizing Environmental Economics
9
4 Plan of the Book
13
5 A Cautionary Note
17
Note to Part 1
21
Interactions and TradeOffs
23
2 Linkages
24
4 Who Gains and Who Loses? Distribution Questions
250
TradeEnvironment Policy Evolution of the Debate and Taxonomy of the Issues
260
2 Evolution of the Issue
261
A Taxonomy
266
Institutional and Policy Responses OECD WTOGATT EU and NAFTA
285
3 The GATT the WTO and the Environment
290
4 Trade and Environment in the European Union and NAFTA
301
Empirical Studies
309

3 TradeOffs and Complementarities
29
4 Evolution over Time
36
Appendix 21 Derivation of Production Possibility Curves
40
The Roots of Environmental Degradation
44
2 Consumer Surplus and Producer Surplus as Welfare Measures
45
3 Efficiency and Equity
52
4 Market and Government Failures and Environmental Degradation
55
5 The Coase Theorem
69
Exact Welfare Measures Compensating and Equivalent Variation and Surplus
72
Issues of Time
79
2 Discounting
80
3 An Environmental Discount Rate?
88
4 Examples of Discounting and Intertemporal Resource Allocation
97
5 Intergenerational Efficiency Equity and Sustainability
110
How Clean Is Clean Enough?
116
2 Optimal Environmental Protection
117
3 Concepts of Environmental Value
122
4 Techniques for Monetary Valuation
125
5 Alternatives to Monetary Valuation
138
6 Valuing Life and Health
140
7 Conclusions
142
The Governments Tool Kit
146
2 Promoting Coasian Markets
147
3 CommandandControl versus MarketBased Instruments
150
4 Effluent and Emission Taxes versus Tradeable Permits
157
5 Subsidies
163
6 Double Dividends and the Choice of Tools in a SecondBest World
164
7 The Tools in Practice
165
Note to Part 2
171
Trade and Environment An Overview of Theory
174
Early Contributions
178
4 The NorthSouth Controversy
185
5 Theory of Policy and Policy Coordination
191
6 Terms of Trade and Factor Mobility
195
7 Strategic Behavior in Trade and Environmental Policy
199
Theory of Trade and Environment A Diagrammatic Exposition
202
3 The Six Cases in Detail
205
Theory of Policy Partial Equilibrium Terms of Trade and Distributional Issues
238
2 Welfare Analytics The Basics
239
3 The Murky World of the SecondBest
243
3 Trade Effects of Product and Packaging Standards Ecolabelling and Multilateral Environmental Agreements
325
4 Impact of Trade and Trade Liberalization on the Environment
335
Note to Part 3
343
International Environmental Externalities Theory and Policy Responses
345
2 Theoretical Illustrations
347
3 Policy Responses
360
4 A Potpourri of Evidence
363
Appendix 131 Negotiating MEAs
380
Economics and Global Warming
387
2 Analytical Complexities and Factual Background
388
3 Global Warming in a CostBenefit Framework
401
4 The International Context
405
5 Approaches and Tools
414
6 Taxes and Quotas
417
7 International Response
427
Economics and Ocean Fisheries
432
2 Theory
434
3 Enclosure
445
4 Examples from Fisheries Management
448
Note to Part 4
463
Perspectives on Sustainable Development
465
2 Changing Views on Resource Limits
466
3 The Equity Roots
471
4 What Is To Be Sustained?
474
5 Policies for Sustainable Development
481
6 The International Dimension
483
Measuring Sustainable Development
487
A Green NNP?
489
3 Some Examples of Green Accounting
503
4 An Environmental Kuznets Curve?
509
UserCost and NetPrice Methods to Value Depletion of Natural Capital
512
Trade Environment and Sustainable Development Thailands Mixed Experience
516
3 Environmental Measures Affecting Thai Trade
522
4 Impacts on Specific Sectors
530
5 Challenges and Opportunities for Sustainable Development
539
6 A Concluding Thought
543
Looking Back Looking Forward
545
References
553
Index
575
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