Regulating the market

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Written by Vandana Shiva

Living economies are grounded by 2 ecological principles necessary to protect and restore nature and society that free market economists have resisted implementing.  These principles are the "precautionary principle" and the "polluter pays principle" as enshrined in Agenda 21 of the UN Conference on Environment and Development (1992), known as the Earth Summit.  The precautionary principle calls for not undertaking activities that could cause ecological harm.  The polluter pays principle requires that the polluter must pay for any harm done to nature and society and for the cost of the cleanup.

Vandana Shiva, Earth Democracy, p.65.

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