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Following a value-theoretic and class-based approach, it is argued in this paper that ecological problems are inseparably linked to the process of extracting surplus value in capitalism and, owing to their adverse impacts, instigate struggles over the appropriation of nature. These struggles fought within and outside the state by competing agents shape environmental regulation. In particular, taxes, permits, command-and-control measures, and subsidies affect prices, profits and rents and have class and other social implications. Evidence of current environmental regulation shows that it takes places under the great influence of capitalist concerns.