In his article, Bailey argues that people do not have incentive to conserve ad protect resources, as they do not own them. Thus, ownership would result in less abuse of environmental resources. Dietz asserts that implementation of property relations on natural resources would determine the dynamics of economy and the welfare of society. The exploitation of natural resources provides a significant proportion of fiscal revenue.
Hardin pointed out to formation of private ownership of natural resources, and therefore, suggested considering all the factors that affect the feasibility of the transfer of certain natural resources in private property. Ownership of natural resources in terms of ecological, economic and social efficiency would contribute to the improvement of the existing nature of natural resources as well as improve the profitability of the development and utilization of natural resources. This provision determines the need for state regulation of ownership of natural resources. In this regard, it is worth improving the regulation and property relations at the regional level. The introduction of market relations in the sphere of regional economy should include the speedy transformation of property relations over natural resources, in the framework of in-depth and comprehensive analysis of the situation.
Environmental resources carry out a range of functions, such as social, economic and cultural, and the implementation of these functions depends largely on the level of development of the state and society. However, the realization of this potential should take place in an adequate form, aimed at establishing a balanced regime of exploitation of natural resources. In such circumstances, it is worth ensuring the proper legal regulation of natural resources. Due to their social importance, it seems reasonable to establish a special legal regime, based on the right of public property. The right to public ownership of natural resources in the subjective sense is a kind of subjective right of ownership, unified model of which is secured at the constitutional level. However, the concept does not change the essential unification of specific features inherent in the right of public ownership of natural resources. The right to public ownership of natural resources should not be entirely the prerogative of the state and local authorities.
Natural resources are characterized by a number of properties that distinguish them as special objects of ownership. The importance of natural resources for the welfare of the nation derives primarily from their rarity and exhaustion. Irrational use of natural resources threatens the well-being of future generations. Ownership is a reasonable solution to the management of resources, since it is likely to improve the efficiency of the economy as well as eliminate and prevent environmental issues.
Bailey, Ronald. “Debunking Green Myths.” Reason 33.9, 2002. Print.
Dietz, Thomas., Ostrom, Elinor., Stern, Paul C. “The Struggle to Govern the Commons”. Science 302, 12 December 2003. Print.
Hardin, Garrett. “The Tragedy of the Commons.” Science 162, 13 December 1968. Print.