The capitalist solution to industrial pollution is to sell the polluted environment and therefore make it somebody's economic problem to stop the pollution. The problem is that the polluting company can just buy the river (for instance) and dump their effluent into it and be legally within their rights. It's their river and their factory, so they can put their waste in it. There is private responsibility for common property, then, but a conflict of interest.
Mokalus of Borg
PS - I don't think anyone is consciously attempting this.
PPS - Yet.