Abstract
This essay reviews Daniel Cole's Pollution & Property, a recent book on rights regimes for pollution control. It questions the utility of rights typologies as a means of understanding pollution control regimes. The review provides a detailed analysis of the shift of rights that occurs in going from a traditional regulatory program to an emissions trading program. It finds that the shift does not create a fundamentally different regime and explains precisely what changes. This analysis also explains the meaning of calls to perfect rights in this context. The review concludes that Professor Cole's book does a good job of refuting free market environmentalists' case for private property solutions to environmental problems, in spite of the awkwardness of a rights approach to pollution control problems.
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