Libertarians Can’t Save the Planet

The decline of libertarianism — also known as propertarianism — has inspired a lot of discussion in the past couple of years. The economist Tyler Cowen recently disavowed the label, affirming his commitment to a modified version of the philosophy that he calls “State Capacity Libertarianism.”

The Maria Fire burns on a hillside as it expands up to 8,000
 acres on its first night on November 1, 2019 near Somis, California.

Cowen’s defection continues the exodus of intellectually serious figures from the libertarian milieu, most notably to the so-called liberaltarian Niskanen Center. Both Cowen and the Niskanen cohort have stressed the failure of mainstream libertarianism to formulate an honest response to the climate crisis.

Free-Market Environmentalism: Theory and Practice

When the issue of climate change first received serious attention in the 1990s, for a time it looked set to establish common ground between environmentalists and libertarians. There was much interest in the concept of “free-market environmentalism” or FME, drawing upon the work of British economist Ronald Coase, who had suggested that environmental problems could be resolved through the proper allocation of property rights. Terry Anderson of Montana State University exercised a strong influence in these debates.

FME’s key proposal for addressing climate change was the creation of tradable emissions permits, a model that had been successfully deployed in the case of sulfur dioxide emissions. According to this view, a market in permits would supply incentives to find the most cost-effective path toward reducing emissions, as long as there were appropriate limits on the volume of permits.

Read the story from Jacobin magazine by John Quiggin - “Libertarians Can’t Save the Planet.”