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<br />- <br />, <br /> <br />Water markets, particularly their potential for reallocating <br />water supplies to meet increased and changing demand for water, <br />is a highly important subject to citizens of the western united <br />States and, potentially, other regions of this nation and the <br />world. The National Academy of Sciences,' journalists and legal <br /> <br />writers2 have expressed great interest in water markets. <br /> <br />Whether water markets can function effectively to meet water <br />supply needs in this nation, or other nations, rightfully <br /> <br />deserves World Bank attention. Lack of clean water has been <br /> <br />identified as a leading killer of people, particularly children <br /> <br />in many parts of the world. The New York Times has reported that <br />3.8 million deaths of children under five years of age were due, <br />in 1993 alone, to diarrheal diseases caused mostly by impure <br /> <br />drinking water (Appendix A, attached). <br /> <br />Necessarv Attributes of Water Markets <br />Water markets are rooted to systems of water law that <br />display three principal attributes -- security, stability and <br />flexibility in protecting the transferability of a water right, <br />or water contract, from a seller to a buyer. <br /> <br />1 A. Dan Tarlock <br />Transfers in the West, <br />(National Academy Press <br /> <br />(ed.), National Research Council, Water <br />Efficiency, Equi ty and the Environment <br />1992) . <br /> <br />2 Marc Reisner and Sarah Bates, Overtapped Oasis, Reform or <br />Revolution for Western Water (Island Press 1990). <br /> <br />1 <br />