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Two linked topics concerning environmental issues at the WTO and their implications for MNEs are considered – namely, international business in the environmental goods and services sector, and the relationship of the WTO to the emerging climate change regime, particularly the Kyoto Protocol. Liberalization of barriers to international trade and investment in environmental goods and services could expand market access and otherwise change competitive conditions for multinational firms. The relationship of the WTO to the Kyoto Protocol is on the broader agenda of environmental and economic diplomacy. Decisions concerning these two sets of issues during the next few years will affect multinational firms’ competitive positions, strategies and operations in many industries. For instance, the liberalization of barriers to trade and FDI in the environmental goods and services industry creates new international market opportunities for firms that want to expand abroad; it also creates new competitive threats in home markets. The chapter was in press when the WTO Cancun ministerial meeting collapsed in mid-September 2003.

European air transport policy, emerged through the confluence of case law and legislation, in four broad areas: liberalization, safety and security, greening, and the external policy. Following the implementation of the single market for air transport, policy shifted to liberalizing and regulating associated services and in recent years to greening, the external aviation policy, and safety and security. Inclusion of air transport in the Environmental Trading Scheme of the European Union exemplifies the European Commission’s proactive stand on bringing the industry in line with emission reduction trajectories of other industries. However, the bid to include flights to third countries in the trading scheme pushed the EU into a controversial position, causing the Commission to halt implementation and to give ICAO time to seek a global multilateral agreement. The chapter also discusses how the nationality clauses in air services agreements breached the Treaty of Rome, and a court ruling to that effect enabled the EC to extend EU liberalization policies beyond the European Union, resulting in the Common Aviation Area with EU fringe countries and the Open Aviation Area with the USA. Another important area of progress was aviation safety, where the EU region is unsurpassed in the world, yet the Commission has pushed the boundary even further, by establishing the European Safety Agency to oversee the European Aviation Safety Management System. Another important area of regulatory development was aviation security, a major focus after the woeful events in 2001, but increasingly under industry scrutiny on costs and effectiveness. The chapter concludes by arguing that in the coming decade, the EU will strive to strengthen its position as a global countervailing power, symbolized in air transport by a leadership position in environmental policy and international market liberalization, exemplified in the EU’s external aviation policy.

Purpose – To examine the cost-effectiveness of UK government policy with respect to the mitigation of carbon emissions from the transport sector.

Methodology/approach – Existing policy as set out by the Department for Transport in Low Carbon Transport: A Greener Future is examined. This document elaborates a Low Carbon Transport Strategy intended to achieve annual emissions savings of 17.7 MtCO2 by 2020. A wide range of policy areas where further action could be taken to reduce carbon emissions are examined and their cost-effectiveness considered.

Findings – Measures that influence behaviour including smarter choices, eco-driving across modes, freight best practice and modest price increases are highly cost-effective. More cost-effective routes to saving 17.7 MtCO2 are identified, as are further cost-effective savings.

Originality/value – It appears that government targets could be delivered and indeed exceeded at lower cost than the Low Carbon Transport Strategy. However, policy development is influenced by a wide range of factors which help to explain why cost-effective measures are not always fully exploited.

Carbon dioxide emissions are considered to be one of the main culprits in global warming and the Kyoto Protocol specifically targets reductions in carbon dioxide to reduce global warming. Because the fossil burning electric utility plants are the primary industrial source of carbon dioxide emissions, we examine how effective the U.S. electric utility companies have been in reducing carbon dioxide emissions. We evaluate 1998 carbon dioxide emissions in relation to the emissions of the base year of 1990 set by the Kyoto Protocol. We also examine whether adequate disclosures are being made by the utilities to reflect their pollution performance. The findings show that the total amount of carbon dioxide emissions increased by 35% in 1998 compared to 1990, but on a relative basis, they decreased from 205 to 204lbs/MMBTU. Though we detect some support for a positive association between pollution disclosures and pollution emissions, the electric utilities in general do not disclose much about global warming or carbon dioxide.

The British North American colonies were the first western economies to rely on legislature-issued paper monies as an important internal media of exchange. This system arose piecemeal. In the absence of banks and treasuries that exchanged paper monies at face value for specie monies on demand, colonial governments experimented with other ways to anchor their paper monies to real values in the economy. These mechanisms included tax-redemption, land-backed loans, sinking funds, interest-bearing notes, and legal tender laws. I assess and explain the structure and performance of these mechanisms. This was monetary experimentation on a grand scale.

This chapter examines the torsions and blind spots that structure the contemporary debate on the politics and policy of aviation. It also generates different scenarios for the future of air travel, which can help to unblock the current impasse about the perceived costs and benefits of aviation and its attendant infrastructural needs.

This chapter characterises and evaluates the competing frames that organise the contested realities of air transport. By mapping out the current fault lines of aviation politics and policy, the chapter is also able to delineate four main scenarios regarding the future of aviation, which we name the ‘post-carbon’, ‘high-modernist’, ‘market regulation’ and ‘demand management’ projections respectively.

The chapter problematises and criticises the existing literature, policy reports and stakeholder briefings that inform the contemporary standoff in UK aviation policy. It uses the definition of sustainable development as a heuristic device to map and identify the fault lines structuring contemporary debates on aviation futures. It then builds upon this analysis to delimit four different scenarios for the future of flying.

The chapter analyses the contested realities of aviation politics. It re-affirms the political nature of such divisions, which in turn structure the rival understandings of aviation. The analysis suggests that the identified fault lines are constantly reiterated by competing appeals to ambiguous and contradictory evidence-bases or policy frames. Ultimately, the chapter claims that any significant reframing of aviation policy and politics rests on the outcome of political negotiations and persuasion. But it also depends on the broader views of citizens and stakeholders about the future challenges facing society, as well as the way in which governments and affected agents put in place and coordinate the multiple arenas in which a dialogue over the future of aviation can be held. Aviation futures cannot be reduced to the narrow confines of the technical merits or claims surrounding the feasibility of policy instruments.