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Is water a resource to be used for public benefit or an owned commodity that can be bought and sold? The debate has raged for years. Yet, during that time, little has changed. The need for new water supplies is becoming more critical, and no uniform model that can be used to manage water resources exists. The author encourages the water industry to leave the old debate behind and find a new model that unites a respect for water with options for fair, efficient delivery to all users - agricultural, industrial, and urban. A model called managed stewardship is proposed as a jumping off point for further discussion. Managed stewardship is characterized by a regulatory administrative system that balances demand with long-term public interest, the management of water use on a watershed basis, the preservation of riparian rights for trustworthy water stewards, increased conservation, creative solutions to the urban-rural water allocation issue, and the support provided by legislation and consistent funding.