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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There now exists a wide range of experiences with instruments for the conservation and sustainable use of biodiversity. As a result, policy-makers and their advisors have a broad appreciation of the flexibility and effectiveness of various instruments, both market and non-market. Of particular interest, more recently, have been examples of successful market creation that have moved biodiversity firmly into the context of economic growth and development. Entrepreneurial activity has been harnessed in a number of cases to make market outcomes consistent with social objectives. Unfortunately, a certain level of randomness still accompanies most efforts at market creation. While acknowledging that entrepreneurial endeavours are always fraught with risk, ...

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