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All over the world there exists a fierce debate about the privatization of water rights....

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All over the world there exists a fierce debate about the privatization of water rights. The status quo in the US is a system of use that leads to severe water shortages due to overutilization of an increasingly scarce resource. This is due to something economists refer to as the "tragedy of the commons", a situation in which individual users, who have open access to a resource unhampered by shared social structures or formal rules that govern access and use, act independently according to their own self-interest and, contrary to the common good of all users, cause depletion of the resource through their uncoordinated action. A cap and trade market system for water rights, such as those that exists for various pollutants like Sulfur Dioxide, is increasingly being proposed as a way to mitigate the risks posed by water shortages. First, briefly state your initial reaction to the suggestion of privatizing water, then state two potential pros and two potential cons of a market based system

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