Markets’ blindness to environmental effects is costing us dearly [Hebrew]

In a piece for Local Call, I discuss the economic concept of “market failures” and specifically the type called “externalities” — in which effects such as environmental degredation are ignored by market forces, and often exacerbated, because they do not come with an attached financial cost to businesses nor consumers. I further point to some weaknesses in the attempts, codified in international treaties, at making market economies account for greenhouse gas emissions, and argue that true climate action is only possible if we are willing to confront big business interests and possibly curtail the reach and influence of market forces. I conclude that due to the very short timeframe remaining for decisive climate action, the Green New Deal approach is what we need — without trying to replace the entire economic system, it flies in the face of billionaire-class interests and provides broad benefits to the 99%, compensating for much of the difficulties involved in a green transition and enabling the left to rally a wide coalition of working people for large-scale climate action. To the full piece (Hebrew) >>