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Free market environmentalism (FME) analyzes environmental problems as property rights problems. Whereas conventional analyses characterize environmental problems as examples of "market failure," FME diagnoses point to the lack of markets, and in particular a lack of enforceable and exchangeable property rights. This approach works well with many, if not most natural resources. The case for FME approaches to pollution problems is much weaker, however. Most FME proponents suggest that common lawdoi:10.1080/08913811.2012.684475 fatcat:m4jx7gww55be5mzz7oxbzg3nky