We consider an emulsion whose droplets contain a trapped species (inso
luble in the continuous phase) and study the emulsion's stability agai
nst coarsening via Lifshitz-Slyozov dynamics (Ostwald ripening). Exten
ding an earlier treatment by Kabalnov et al. (Colloids Surf:, 1987, 24
, 19-32), we derive a general condition on the mean initial droplet vo
lume which ensures stability, even when arbitrary polydispersity is pr
esent in both size and composition of the initial droplets. We disting
uish ''nucleated'' coarsening, which requires either fluctuations abou
t the mean Geld equations or a tail in the initial droplet size distri
bution, from ''spinodal'' coarsening in which a typical droplet is loc
ally unstable. A weaker condition for stability, previously suggested
by Kabalnov et al., is sufficient only to prevent ''spinodal'' coarsen
ing and is best viewed as a condition for metastability. The coarsenin
g of unstable emulsions is considered and shown at long times to resem
ble that of ordinary emulsions (with no trapped species), but with a r
educed value of the initial volume fraction of dispersed phase. We dis
cuss the physical principles relevant to the stability of emulsions wi
th trapped species, describing how these may be exploited to restabili
ze partially coarsened emulsions and to ''shrink'' previously formed e
mulsion droplets to form ''miniemulsions''.