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How did the Invisible Hand Handle Industrial Waste? By-product Development before the Modern Environmental Era

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  • Desrochers, Pierre

Abstract

A growing number of historians have turned their attention to the past behavior of industrialists toward their waste. Many have argued that the price system and competition typically fostered a short-term outlook that rewarded pollution rather than encouraging “loop-closing,” a modern term that refers to the linkages between different industries in which the residual of one becomes the input of another. Others have identified precedents in this respect that are credited to Progressive Era reformers. Building on evidence that has, by and large, escaped the attention of the present generation of historical writers, this essay challenges both views by arguing that market institutions, which included both profit motive and property rights, actually resulted in the usage of industrial by-products. Although past industrial activities did create significant pollution problems, perhaps our ancestors should be given more credit than they generally are for the creativity and resourcefulness they displayed in profitably solving numerous environmental problems.

Suggested Citation

  • Desrochers, Pierre, 2007. "How did the Invisible Hand Handle Industrial Waste? By-product Development before the Modern Environmental Era," Enterprise & Society, Cambridge University Press, vol. 8(2), pages 348-374, June.
  • Handle: RePEc:cup:entsoc:v:8:y:2007:i:02:p:348-374_00
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    Cited by:

    1. Desrochers, Pierre & Haight, Colleen E., 2014. "Squandered profit opportunities? Some historical perspective on industrial waste and the Porter Hypothesis," Resources, Conservation & Recycling, Elsevier, vol. 92(C), pages 179-189.
    2. Pierre Desrochers & Frederic Sautet, 2008. "Entrepreneurial Policy: The Case of Regional Specialization vs. Spontaneous Industrial Diversity," Entrepreneurship Theory and Practice, , vol. 32(5), pages 813-832, September.
    3. Myeong Hwan Kim & Nodir Adilov, 2012. "The lesser of two evils: an empirical investigation of foreign direct investment-pollution tradeoff," Applied Economics, Taylor & Francis Journals, vol. 44(20), pages 2597-2606, July.
    4. Pierre Desrochers, 2012. "Freedom Versus Coercion in Industrial Ecology: A Reply to Boons," Econ Journal Watch, Econ Journal Watch, vol. 9(2), pages 78-99, May.
    5. Pierre Desrochers & Joanna Szurmak, 2017. "Long Distance Trade, Locational Dynamics and By-Product Development: Insights from the History of the American Cottonseed Industry," Sustainability, MDPI, vol. 9(4), pages 1-29, April.
    6. Vincent Geloso, 2022. "Statogenic climate change? Julian Simon and Institutions," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(3), pages 343-358, September.

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