Handbook of Market Creation for Biodiversity

Issues in Implementation

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Striking the right balance between the conservation/sustainable use and the loss of biodiversity requires accounting for all the impacts of its destruction. Weighing the loss against any potential benefits will ensure that the social, as well as economic, well-being of everyone are at the best levels possible. Market-based economic systems have the potential to ensure that such a balancing occurs, but require that all the impacts of its loss, or use, have been fully internalised into market transactions.

This book shows how public policy in the form of market creation can be used to internalise the loss of biodiversity. It promotes the use of markets to ensure that our collective preferences for conservation and sustainable use are reflected in economic outcomes.

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Implementation of Market Creation


Correcting market imperfections where they exist and creating new markets for biodiversity where possible emphasises the social objective of maximising net benefits (to everyone). Markets can, by themselves, result in the right amount of use or conservation of biodiversity-related resources when they reflect the full value to society of public goods, and when all externalities associated with their use are fully reflected in management decisions. Trading in (illegal) products from endangered species, for example, highlights the potential adverse consequences of markets that do not take account of public values and externalities. Correcting such problems will ensure that the market’s use of resources will result in a net gain to society as a whole. Implementing a market creation agenda, however, must be purposeful if it is to succeed. Attempting ...

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