The original edition of Leal and Anderson’s seminal book published in 1991 introduced the concept of using markets and property rights to protect and improve environmental quality. Since publication, the ideas in this book have been adopted not only by conservative circles, but by a wide range of environmental groups. To mention a few examples, Defenders of Wildlife applies the tenets of free market environmentalism to its wolf compensation program, World Wildlife Federation (WWF) has successfully launched the CAMPFIRE program in southern Africa to reward native villagers who conserve elephants, and the Oregon Water Trust uses water markets to purchase or lease water for salmon and steelhead habitats. In short, when published in 1991, Anderson and Leal’s book was central in paving the way for a rethinking of environmental policy. This revised and updated edition addresses some of the critiques of free market environmentalism, provides many new examples, and includes two entirely new chapters.