The term Global Commons refers to the earth's unowned natural resources, such as the oceans, Earth's atmosphere, and outer space. Common resources are overexploited because no person or institution has the motivation and/or responsibility to allocate them in a sustainable way.
Therefore, environmental pollution (especially atmospheric pollution) is often characterized as a global tragedy of commons. Global warming an example we always hear.
Earth’s natural greenhouse effect makes life as we know it possible. However, human activities, primarily the burning of fossil fuels and clearing of forests, have intensified the natural greenhouse effect, causing global warming. The greenhouse effect is a process by which thermal radiation from a planetary surface is absorbed by atmospheric greenhouse gases, and is re-radiated in all directions. Since part of this re-radiation is back towards the surface and the lower atmosphere, it results in an elevation of the average surface temperature Finally, it leads to Global warming. The average temperature of Earth's atmosphere and oceans increased since the late 19th century. Since the early 20th century, Earth's mean surface temperature has increased by about 0.8 °C, with about two-thirds of the increase occurring since 1980
Countries, especially developing ones, have an incentive to attract MNC’s through lax regulations on environmental pollution. Excessive emission of greenhouse gases by firms in one part of the world has adverse effects on other countries, irrespective of their own environmental regulations. Consequently, developed countries like USA and AUS have a weak incentive to enforce strict environmental regulations in the...