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Political markets? Politics and economics in the emergence of markets for biodiversity offsets

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  • Carlos Ferreira
  • Jennifer Ferreira

Abstract

This paper analyses the relationship between politics and performativity of economics in the emergence of markets for biodiversity offsets. While the role of economics in constructing markets has been demonstrated by sociology and social studies of science, it has also become apparent that politics plays an important role in the material outcome of economic experiments. Two case studies of the creation of markets for biodiversity offsets are analysed, in the United States and England. The findings suggest that the creation of both markets is rooted in the language, concepts and models of economics. Politics, on the other hand, functions as a mediator of the material expression of those models. Through this mediation effect, similar economic models are performed differently, resulting in a variety of markets. This suggests that the material outcomes of processes of market creation are not defined at the outset, but can be influenced by political processes.

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  • Carlos Ferreira & Jennifer Ferreira, 2018. "Political markets? Politics and economics in the emergence of markets for biodiversity offsets," Review of Social Economy, Taylor & Francis Journals, vol. 76(3), pages 335-351, July.
    • Handle: RePEc:taf:rsocec:v:76:y:2018:i:3:p:335-351
    DOI: 10.1080/00346764.2018.1463445
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    Cited by:

    1. Higashida, Keisaku & Tanaka, Kenta & Managi, Shunsuke, 2019. "The efficiency of conservation banking schemes with inter-regionally tradable credits and the role of mediators," Economic Analysis and Policy, Elsevier, vol. 62(C), pages 175-186.
    2. Schulz, Tobias & Eggenberger, Tanja & Olschewski, Roland & Lieberherr, Eva, 2023. "Allowing for compensating lost habitats in the forest: Comparing institutional change in Germany and Switzerland," Forest Policy and Economics, Elsevier, vol. 150(C).

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