Final answer:
The 'Tragedy of the Commons,' introduced by Garrett Hardin, refers to the depletion of shared resources by individuals acting in their self-interest. The proposed solution involves mutually agreed upon restrictions. Elinor Ostrom presented an alternative, suggesting that local communities can manage resources sustainably without stringent external controls.
Step-by-step explanation:
Garrett Hardin's 'Tragedy of the Commons' refers to an economic and environmental problem where individuals acting in their own self-interest deplete shared resources, leading to their destruction. Hardin argued that 'Mutual Coercion, Mutually Agreed Upon' is a necessary approach to manage commons resources sustainably. This means that people must agree to enforce and abide by collective rules or regulations to restrict the overuse and exploitation of common resources such as pastures, air, and oceans.
Solutions to the tragedy often involve government intervention through regulation or privatization of resources. The atmosphere and issues like global climate change are modern examples of the commons, where countries contribute to a shared resource - in this case, the emission of greenhouse gases into the air - which results in long-term negative effects for all.
Contrarily, economist Elinor Ostrom presented an alternate perspective by emphasizing the possibility of collective resource management by local communities without external enforcement. Ostrom's fieldwork supports the idea that close-knit communities can manage resources sustainably through cooperation and communication.