Article

Alternatives to Regulation? Market Mechanisms and the Environment

David Driesen

in The Oxford Handbook of Regulation

Published in print September 2010 | ISBN: 9780199560219
Published online September 2010 | | DOI: http://dx.doi.org/10.1093/oxfordhb/9780199560219.003.0010

Series: Oxford Handbooks in Business and Management

Alternatives to Regulation? Market Mechanisms and the Environment

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This article identifies a number of ongoing challenges. It focuses on the means of environmental regulation — the techniques regulators use to reduce pollution. It discusses traditional regulation (often called command-and-control regulation), the economic theory undergirding market-based environmental regulation, and increased use of market mechanisms. This treatment of market mechanisms considers them in an institutional context, showing how a multilevel governance system implements market mechanisms. Market-based instruments have become increasingly important as neoliberalism has advanced. While these instruments provide a cost effective way of realising environmental improvements, they depend on government design and enforcement for their efficacy. A concern that is shared across contributions is that such instruments are increasingly deployed in a complex context of multilevel governance and challenges multiply where market mechanisms traverse national boundaries.

Keywords: environmental regulation; market mechanisms; neoliberalism; multilevel governance; national boundaries

Article.  8342 words. 

Subjects: Business and Management ; Business and Government

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