This book reproduces the PhD by Publication of Michael Richards, Natural Resources Economist with Forest Trends and formerly of the Overseas Development Institute. Dr Richards traces 13 key publications on the sustainable management and conservation (SFM) of tropical forests. Deforestation contributes significantly to climate change, and causes serious environmental and social costs. Conversely, SFM has the potential to deliver 'win-win' outcomes in the form of environmental and poverty reduction benefits. The author argues that such 'win-win' outcomes will only emerge when the underlying market, policy and institutional failures that drive deforestation are tackled, and the public good nature of tropical forests is fully recognised. He concludes that the only solution is a balanced market (especially payments for ecosystem services) and supply-side (particularly improved governance and tenure security) response. Current opportunities surrounding avoided deforestation or Reduced Emissions from Deforestation and forest Degradation (REDD) provide what may be the last chance for much of the remaining tropical forests, and require such a balanced approach to be effective and equitable.