Beyond Compensation. A Reflection on Natural Disaster liability through Economic Analysis of Law.

This thesis explores the intersection of law and economics in addressing environmental challenges, with a focus on civil liability, green criminology, and legal remedies. In the first section, the analysis delves into the synergy between legal outcomes and economic techniques. It examines the evolution from individualistic perspectives to collective considerations, comparing the Chicago and Yale Schools' viewpoints. Furthermore, the evolution of civil liability is traced from traditional legal approaches to the integration of law and economics, emphasizing the unique challenges posed by civil liability for natural disasters. The second section investigates the realm of green criminology, unveiling new perspectives that redefine the landscape of environmental justice. It contemplates the role of law in processes of green crime and scrutinizes the Treadmill of Production Theory, which critiques the consequences of globalization and the power dynamics at play. Language, culture, and media's influence on environmental perceptions are also analyzed, highlighting the role of legal violence and the impact of language and imagery in shaping perceptions. The third section discusses the significance of environmental responsibility rules in combating the urgent challenge of global warming. It emphasizes that while compensation is not the sole solution, legal and financial mechanisms play a vital role in mitigating human activities contributing to climate change. The chapter highlights key legal remedies, including lender's liability, financial responsibility, environmental sanctions, and environmental insurance. It stresses that financial institutions hold a crucial role in influencing industries and economies through capital allocation. However, challenges exist in assessing complex environmental risks, determining liability, and ensuring affordability and availability of insurance across industries and regions. In conclusion, this thesis underscores the intricate relationship between law and economics in addressing environmental challenges. It highlights the evolution of legal perspectives, the critical role of green criminology, and the array of legal remedies available. By considering lender's liability, financial responsibility, environmental sanctions, and insurance, the thesis underscores the complexity of these mechanisms in promoting responsible behavior and ensuring equitable responses to environmental issues. A holistic and global approach is crucial to effectively address the multifaceted impacts of environmental challenges.