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To save the climate, we have to reimagine capitalism
00:10
I am a tree hugger. I spent much of my childhood on the great lower limb of a massive copper beech, alternately reading and looking up at the sky through its branches. I felt safe and cared for and connected to something infinitely larger than myself. I thought the trees were immortal, that they would always be here.
00:31
But I was wrong. The trees are dying. Climate change is killing the cedars of Lebanon and the forests of the American West. And its not just the trees. Since 1998, extreme heat has killed more than 160,000 people, and unchecked climate change could kill millions more. How did we get here?
00:55
There are many reasons, of course, but one of the most important is that we let capitalism morph into something monstrous. Im a huge fan of capitalism at its best. After all, Im an economist and a business school professor. I think genuinely free and fair markets are one of the great inventions of the human race. But heres the catch: markets only work their magic when prices reflect real costs. And right now, prices are badly out of whack. Were letting the firms who sell fossil fuels, and indeed anyone who emits greenhouse gases, cause enormous damage for which they do not have to pay. And that is hardly fair.
01:39
Imagine for a moment that my hands are filled with a cloud of electrons, 10 dollars worth of coal-fired electricity that could power your cell phone for more than 10 years. That probably sounds like a pretty good deal. But its only so cheap because youre not paying for the harm that it causes. Burning coal sends poisons like mercury and lead into the air, increasing healthcare costs by billions of dollars and causing the death of hundreds of thousands of people every year. It also emits huge quantities of carbon dioxide. So another part of the real cost of coal is the climate damage it will cause and is already causing.
02:23
More than a million acres burned in Calif
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