Law Commons^™

Missing Water Markets: A Cautionary Tale Of Governmental Failure, Vanessa Casado-Pérez

Vanessa Casado Perez

California is facing a water crisis. Water is managed through a variety of mechanisms, including government administration and market tools. This Article argues for a regulated market-based solution. When it comes to water markets, the invisible hand needs help from the visible hand of government to prove effective. Administrative systems and markets are usually portrayed in opposition to each other, as mutually exclusive solutions. Water market advocates suggest government's role is minimal. However, as this Article identifies, to establish and maintain a functioning water market, government needs to play a variety of roles. These include the uncontested role of defining …