Growth, capitalism and markets are fundamental to the achievement of environmental quality. This volume demonstrates that economic growth and entrepreneurial incentives are part of the solution to the environmental challenge. The early utilization of Australia's abundant natural resources provided the foundation for the nation's future prosperity. Market-driven economic growth and the accumulation of capital have enabled Australia to afford resolutions to environmental problems. Furthermore, the principles of markets based on individual ownership are the best way of achieving favourable environmental outcomes. Proper designation of property rights, the enforcement of common-law trades and allowing trade in environmental services - all provide a foundation for efficient market mechanisms. By harnessing entrepreneurial incentives in the market place, environmental goals can be achieved at least cost. The text evaluates current resources and environmental policy and examines the use of market-based incentives in seven key areas: land degradation, forests and wildlife, minerals and mining, sewerage, fishing, pollution and the "greenhouse effect".
Governments have often aggravated the major environmental failures identified in the book. They have failed to facilitate market transactions in environmental and related areas of the economy.