Thomas Piketty, climate change and discounting our future


BOOK REVIEW

Never Let a Serious Crisis Go to Waste: How Neoliberalism Survived the Financial Meltdown, Author: Philip Mirowski.

By David Hodgkinson – Emissions trading is a an elaborate “bait-and-switch” strategy, in which politicians are diverted from an original intention to reduce emissions into the endless technicalities of instituting and maintaining markets for carbon permits. The not unintended consequence is that the level of emissions continues to grow apace.

It’s well understood, Mirowski continues, that emissions trading stifles technological innovation to curb emissions. Funds that ordinarily might have been used to alter energy infrastructure are “pumped into yet another set of speculative financial instruments, leading to bubbles, distortions of capital flows, and all the usual symptoms of financialization”. more> http://tinyurl.com/o68vvsa

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