Garrett Hardin's seminal essay "The Tragedy of the Commons" appeared in 1968 and has been at the center of the debate on commonly owned ground or resources such as Western public grazing or the oceans. This is the second edition of a book exploring the issues raised in Hardin's essay. As scarce resources are increasingly strained. It is ever more crucial to identify those resources which are held in common and are therefore prone to "tragic" waste and abuses. The essay in this volume focus on alternate institutional approaches to managing these resources to prevent such tragedy.