Failure or Reform? Market-Based Policy Instruments for Sustainable Agriculture and Resource Management

Lockie, Stewart

Abstract

[Extract] Market reform is one of the pre-eminent policy narratives of our time; an essential reference point in the design and articulation of virtually all governmental action. Policies and programs must either pursue and exemplify market principles or their advocates must be ready and able to justify why they do not do so. This is not solely about the privileging of economic over other values - values such as security, com-munity, cultural vitality or environmental quality. It is about the pursuit of these other values in a manner that is 'fiscally responsible', 'economically rational' and 'market disciplined'. The crude idea that social and environmental goals are luxuries we can only afford when the economic fundamentals of growth, profitability and low unemployment are secured has given way - at least in part - to the idea that social and environmental 'performance' are in fact among the economic fundamentals. Social and environmental goals are recast by market reforn1 narratives as economic risks and opportunities which ought to be addressed through businesses' and individuals' routine processes of planning and risk management. Properly functioning markets should reward those who approach social and environmental risks in a calculated and entre-preneurial manner. Markets that do not warrant 'reform'. And even where reform of existing markets appears insufficient to meet policy goals, a range of instruments are available that allow for the provision of incentives in a market-like manner, max-imizing outcomes and minimizing cost.

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ISBN/ISSN

978-1-13-822339-4

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Pages Count

154

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Routledge

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Abingdon, UK

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DOI

10.4324/9781315404943