ate Strategies, edited by Ralf Antes, Bernd Hansjürgens and Peter Letmathe Berlin: Springer, 2008, 270 pp., $119.00, hardcover Trading and Institutions The European Union’s (EU’s) experience with emissions trading has stimulated some welcome consideration of emissions trading’s institutional context. In particular, the weak caps and the windfall profits in Phase 1 (2005–2007) showed analysts that trading does not automatically produce environmental progress. Progress depends on governments using appropriate institutional design and on firm