Investing in Green

The recent re-discovery of the ivory-billed woodpecker, long thought to have gone extinct, was a rare bit of good news in an otherwise gloomy time for conservationists. Like everyone, ecologist Gretchen Daily at Stanford University was thrilled--"this bird is a legend in my life"--but it also confirmed her belief that efforts to preserve endangered species are "doomed to failure" unless conservationists embrace free-market capitalism. Specifically, she thinks that we should view an ecosystem not as vacant land for development, but as a capital asset that must not be squandered, even if that means compensating landowners for keeping forests green. Daily, director of Stanford's tropical research program at the Center for Conservation Biology, talked with NEWSWEEK's Fred Guterl. Excerpts:

NEWSWEEK: Why are traditional conservation efforts doomed to fail?

DAILY: So far, conservation has been done with biodiversity as the major objective--protecting other life forms. ...