alt Hacker NewsIt doesn't matter if it works in practice - it's religion, so it doesn't have to be true. We sent rockets up into space and there wasn't a giant man there watching us, but people still believe God exists. We tried living in a free market and everything turned to shit, but people still believe in libertarianism.
I think the theory is that if people owned the forest, the rivers, etc, they would have an incentive to take care of them for the long term. As we've seen with how companies have had all the value sucked out of them by private equity, leaving nothing but husks, I think this is a pipe dream.