Abstract
This paper examines experiences of five industrialized capitalist countries in using effluent charges, tradable permits, and subsidies as tools of environmental regulation and compares their programs to economists’models of the market approach. Observed disparity between theory and practice suggests that advantages of the market approach are not as significant as proponents contend. Reasons are identified, and differences in national characteristics of public administration are considered toward explaining differences in how countries have applied market instruments.
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