Water Trading, Transaction Costs and Transboundary Governance in the Western US and Australia
Chapter 5: Maturing water markets and public goods in the Murray–Darling Basin: scaling up water trading and transboundary governance
Afterwards he ceased to be a miner . . . but believing that he had an exclusive right to the enjoyment of the water over which he had control for a long period, he did not hesitate to sell it; and in this manner, by slow growth as it were, the claimholder was transformed into an owner of water. (R.B. Smyth, 1869 (Powell, 1989): 50, capturing the long history of water rights trading in Victoria). [T]rusts should be induced to amalgamate, so as to embrace territories remodelled on a natural basis, each, as far as possible, including the entire supply from one watershed, with one compact area of distribution. These watershed trusts should have control, under proper regulations, of the entire distribution of water within their territories. (Deakin, 1885 (Powell, 1989): 113) [M]anagement of Australia’s environment by way of its catchment systems should be strengthened. . . [T]his approach will be more cost effective and will reliably and efficiently attain the outcomes needed. (Australia Parliament House of Representatives Standing Committee on Environment Heritage, 2001: 38)
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