Or should we prohibit such trades and transactions even if they are Pareto-improvements? Do they need approval from any supreme global body?
Eberhard Weber
A very interesting, but very difficult question. I won't be able to answer it, but I think one aspects should consider the people who might be affected by such trade / transactions. Usually, as the question implies, such deals are done between governments, without consulting people that might be affected (e.g. through the deposition of such waste). Usually such people are even less involved in any decision making about such deals.
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