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The Nature Conservancy Council has welcomed the implementation of the EC Directive on the assessment of the effects of certain projects on the environment. This paper discusses its implications for nature conservation in fresh waters, particularly with reference to the land‐drainage and flood‐defence work carried out by the National Rivers Authority and its predecessors, to which the regulations SI 1217 apply. Environmental statements have been deemed necessary for only a small proportion of capital schemes initiated by the water industry since the Regulations came into force in 1988. The author has evaluated the nature‐conservation content of 15 of these statements against a combined set of objective and subjective criteria. The statements examined showed a high degree of variability in length, scope, style and presentation. In general, survey and data acquisition were poorly covered. The weakest area was considered to be the evaluation and prediction of potential impacts, and this is discussed in relation to the uncertainty and complexity inherent in biological systems. The need for monitoring the accuracy of predictions after the completion of a scheme received little attention, despite its fundamental importance in improving future project design, and in extending scientific understanding.

Nature plays a significant role in the discussion for and against modernism, which got under way from the late eighteenth century onwards. The rationalists of the Enlightenment considered not only human nature, but also the whole uncultivated realm of nature beyond, that of the animals and plants, as wild and dangerous. It should, according to them, be tamed for the benefit of mankind and put to use. Thus they laid the ideological foundations that made possible the unrestrained exploitation of natural resources for the free development of the market and specifically for industrialisation, ie for material and ideological modernisation processes. The Romantics, on the other hand, emphasised the importance of non-material values. In their view the inherent and irretrievable beauty of nature should not be sacrificed on the altar of utilitarianism. A century later the critics of unrestrained economic modernisation expanded on the Romantics' view. They criticised the 'tumours' of industrialisation, urbanisation and materialism, advocating greater preservation of the wilderness and, indeed, of agrarian land and the rural way of life. For them, such things were not just symbols of originality, beauty and health, but were also part of the 'national character'. They were unique treasures, unlike replaceable material interests. Nature, as a source of raw materials, became a multifunctional cultural heritage. 'Materialism' and the idea of progress, the central characteristics of modernisation, were challenged by criticism of civilisation and by historicism. Thus the basic cultural and political camps were established, but also the decisive ideological preconditions for the emergence of a nature conservation movement.

ABSTRACT Nature™ Inc. describes the increasingly dominant way of thinking about environmental policy and biodiversity conservation in the early twenty‐first century. Nature is, and of course has long been, 'big business', especially through the dynamics of extracting from, polluting and conserving it. As each of these dynamics seems to have become more intense and urgent, the capitalist mainstream is seeking ways to off‐set extraction and pollution and find (better) methods of conservation, while increasing opportunities for the accumulation of capital and profits. This has taken Nature™ Inc. to new levels, in turn triggering renewed attention from critical scholarship. The contributions to this Debate section all come from a critical perspective and have something important to say about the construction, workings and future of Nature™ Inc. By discussing the incorporation of trademarked nature and connecting what insights the contributions bring to the debate, we find that there might be what we call an intensifying dialectic between change and limits influencing the relations between capitalism and nature. Our conclusion briefly points to some of the issues and questions that this dialectic might lead to in future research on neoliberal conservation and market‐based environmental policy.