We are all united in our conviction, that there
has to be sustained economic growth for better life. But why are we not equally united, for sustained environmental protection for better life? No doubt growth is essential for poor & rich alike, but
environment is more essential, as it threatens the very existence of our life. Of course, growth also has adverse effects on environment, which can be controlled, minimized & avoided. Both Government & the business have roles in this respect, through framing of policies & new technologies. Interests of all human beings will be served well, if profitability is coupled with cleaner environment, with a bigger say for the latter. The book draws upon the articles written by the author, for the Economist during 1989-1994, as its environment editor. It concentrates mainly on those aspects of environmental issues, which have economic implications. This book has following three basic themes (a) extent to which it is possible to combine economic growth, with environmental protection (b) primary pollutions of air, water, deforestation, soil erosion, some times due to break-neck industrialization & (c) the role of industry in finding solutions for environmental improvement, through technological innovation. The book is properly organized. Besides the introduction & conclusion, it has 5 parts in all, wherein there are 15 Chapters. Basic issues are discussed in three Chapters contained in part one. It is wiser to find ways & means, by which growth & environmental improvement support each other. Also it is advisable to distinguish between destructive/irreversible & superficial/reversible environmental damages. Governments should choose those policies, which achieve the maximum environmental impact, with the minimum burden on the economy. Also it is necessary to give priorities for environment, may be by comparing the costs of pollution & degradation, with the costs of taking action to prevent them. The Governments have also to intervene, to influence the way in which claims to the environment are met. Five Chapters contained in part two cover policy measures. For influencing for environmental improvement, recourse is through the courts, supplemented by Government regulations, & various economic instruments. After setting the standards required it is essential to enforce them, preferably by using economic incentives, to encourage them to clean up voluntarily, under their own arrangements, & also through environmental taxes. Some times, Governments are reluctant to treat a natural resource, as a scarce commodity & to protect it. Also it is very difficult to decide, who should pay for the past environmental damage. It is hoped that, if environmental loss can be shown as an economic cost, behaviour of the people may change.
Policies in Action are discussed in five Chapters contained in part three. Global warming is one of the key issues. Action(s) to slow down climate change, lead to other benefits. This being a global problem, it can be managed effectively only through global agreement. Energy conservation is another key issue. Energy related pollutions have reduced, due to technological advances, & by switching from coal to natural gas. But for increasing energy efficiency, nuclear power appears to be the only commercially viable option. But it has the problem of disposal of accumulation of radioactive waste. Disposal of general solid wastes, the harmless & the toxic ones, is another problem. This can be controlled through landfill tax, & by recycling. The problem of loss of natural beauty can be tackled through, changes in human behaviour. The role of industry is discussed in part four. Impacts on environment are only likely to increase with passage of time. Changing technology to offset such impacts is comparably easier. However it needs the cooperation of industry. Environmental audit conveys company findings to the world, through environmental reports.
The International Environment is discussed in three Chapters contained in part five. When the environment is shared with neighbouring countries, their relations, trade & aid etc. get influenced. For enforcing agreements, willing cooperation is needed. Compromise between trade & environment, is essential. A checklist for Governments, & a few principles are given in the Conclusion. Towards the end of the book, Chapter wise Notes & 129 References have been given. This book provides a stimulating survey, & truly serves as an invaluable practical guide, for business & Government, for making a cleaner environment, with profitability. It is therefore an essential reading for policy makers &
decision makers in Government & business, environmentalists & the students of business & environment studies.