In this Carnegie Council lecture, development economist Paul Collier calls *The Plundered Planet* his "most important book." Governments, he says, are largely to blame for degradation of the environment. Collier addresses how the public sector can tap into natural assets and repair natural liabilities. Collier also addresses the following questions: What are realistic and sustainable solutions to correcting the mismanagement of the natural world? Can an international standard be established to resolve the complex issues of unchecked profiteering on the one hand and environmental romanticism on the other?