[Because the following is long, it is also available in pdf format at http://www.nohairshirts.com/zomb.pdf ]
Even as London carbon trading desks shut down in response to the crumbling European Trading System (ETS) , the zombie concept of carbon trading spreads to China. Because Robin Hahnel’s carbon trading defenses offer the best pro-carbon market arguments to date, this article tackles carbon trading largely by answering Hahnel.
For those wondering “who the hell is Robin Hahnel?”, he is an underappreciated left economist. His 1999 book Panic Rules was one of the best critical primers on globalization. He is a long time critic of market fundamentalism, and of markets themselves. Unlike many carbon trading defenders, his support for carbon trading is based neither on market uber alles ideology nor upon ties to the carbon trading industry. That makes his defense of carbon trading more intelligent and more aware of pitfalls.
Why does that make him worth answering? Anyone with confidence in their views on a controversial subject, such as carbon trading, should be willing to engage the best arguments the other side can m... Read more