Economics and the Global Environment investigates if and how environmental resources, such as global climate, genetic diversity, and transboundary pollution can be managed in an international system of sovereign states without a Global Environment Protection Agency. It also considers traditional international economics--theory and policy--and explores how they can be expanded to accommodate environmental values. Until recently, trade theory and trade policy neglected pollution and environmental degradation. This situation has changed dramatically, and the controversial and corrosive issues of trade and the environment are given careful analysis.