<P> The issue of anthropogenic global warming presents an overwhelming example of a' tragedy of the commons' - type of ecological market failure: The Earth's atmosphere may be regarded as a' global common' exhibiting poorly defined (non-existing) property rights, and the waste absorption capacity of the atmosphere with regard to carbon dioxide is presently being heavily overloaded by a too large volume of emissions from the world economy . Historically, the fossil fuel dependence of the Industrial Revolution has unintentionally thrown mankind out of ecological equilibrium with the rest of the Earth's biosphere (including the atmosphere), and the market has failed to correct the situation ever since . Quite the opposite: The unrestricted market has been exacerbating this global state of ecological dis - equilibrium, and is expected to continue doing so well into the foreseeable future . This particular market failure may be remedied to some extent at the political level by the establishment of an international (or regional) cap and trade property rights system, where carbon dioxide emission permits are bought and sold among market agents . </P> <P> The term' uneconomic growth' describes a pervasive ecological market failure: The ecological costs of further economic growth in a so - called' full - world economy' like the present world economy may exceed the immediate social benefits derived from this growth . </P>

What are the sources of externalities and market failure