This is correct. The problem isn't capitalism, except in that we don't have enough of it. Our framework for private property won't recognize rights in air or ru

This is correct. The problem isn't capitalism, except in that we don't have enough of it. Our framework for private property won't recognize rights in air or running water, and so they become an easy sink for externalities. If someone contaminates your land (say, by spilling heating oil), there's a well-defined path for recovering the damages. But since we don't recognize an owner of air or water, when those are contaminated, there's nobody who can claim damages. By not fully recognizing property rights, we lose the ability to prevent polluters from externalizing their costs. EDIT: s/Or/Our/