ABSTRACT
This chapter presents a historical overview of the ways in which the environment is constructed in law, and uses this to develop a new conceptual framework that identifies the relationship between the multiple constructions of the environment in law. The socio-ecological concept of the environment emerges from the recognition and definition of the environment within modern environmental legislation. The translation of the environment in law was focused on protecting the environment from harm caused by the actions of others, and finding ways to mitigate lawful actions and limit the impact of their cumulative effects. Markets have been embraced by governments and regulators around the world to achieve environmental outcomes, as a lower-cost alternative to prescriptive management. Water markets are one of the oldest examples of a shared resource market, and were established to manage access to a scarce resource rather than as a direct mechanism for environmental protection.
