Institutional Control and Large-scale, Long-term Hazards
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Large-scale and long-term hazards have become increasingly prevalent in our economic system. In the workplace, recent research has linked cancer to heavy metals, as well as to such basic materials as wood and petroleum. The consumer market also offers numerous potentially carcinogenic products, such as cigarettes, saccharin, and various food additives. The extent of large-scale hazards, however, is not limited to market exchanges between firms and either workers or consumers. Significant externalities are created by many of these risks, including environmentsal disasters such as the Exxon Valdez oil spill, potential nuclear-plant accidents such as Three Mile Island, and toxic waste dumps that threaten local communities and water supplies.
