ABSTRACT
This conclusion presents some closing thoughts on topics discussed in the preceding chapters of this book. The book explores the significance, limitations and practical implications of market-based policies within emerging economies. For Emerging Market Economies (EMEs) in particular, other priorities such as high population levels and macroeconomic stability may play a role. The chapter makes clear that performance in environmental markets cannot be determined by the level of development alone. It suggests that market outcomes cannot simply be explained away by the level of development. Market mechanisms like the Clean Development Mechanism (CDM), and the carbon credits these projects produce, provide a means to sustain export markets while reducing the polluting effect of industrialization, but only if incentivized properly. The comparative capitalism framework uses an institutions-based approach to understand competitive matters between states. The chapter concludes that although economic institutions do play a central part in determining market formation, at least in some cases, other factors also matter.
