Political Economy of the Commons

The Political Economy of the Commons examines how shared resources—like water, air, and forests—are managed and governed by communities. It explores the conflict between individual interests and collective welfare, emphasizing that when people exploit common resources without regulation, it can lead to depletion and environmental degradation, a phenomenon known as the "tragedy of the commons." This field studies how different political and economic systems create rules and incentives that either promote sustainable management or lead to resource overuse, highlighting the importance of cooperation and effective governance in protecting communal assets for future generations.