Here's some food for thought on the likely impact of global warming on Western capitalism. These excerpts from an article by Anatol Lieven in today's International Herald Tribune.
"For market economies, and the Western model of democracy with which they have been associated, the existential challenge for the foreseeable future will be global warming. Other threats like terrorism may well be damaging, but no other conceivable threat or combination of threats can possibly destroy our entire system. As the recent British official commission chaired by Sir Nicholas Stern correctly stated, climate change "is the greatest and widest-ranging market failure ever seen."
"The question now facing us is whether global capitalism and Western democracy can follow the Stern report's recommendations, and make the limited economic adjustments necessary to keep global warming within bounds that will allow us to preserve our system in a recognizable form; or whether our system is so dependent on unlimited consumption that it is by its nature incapable of demanding even small sacrifices from its present elites and populations.
"If the latter proves the case, and the world suffers radically destructive climate change, then we must recognize that everything that the West now stands for will be rejected by future generations. The entire democratic capitalist system will be seen to have failed utterly as a model for humanity and as a custodian of essential human interests.
"If this comes to pass, what will our descendants make of a political and media culture that devotes little attention to this threat when compared with sports, consumer goods, leisure and a threat from terrorism that is puny by comparison? Will they remember us as great paragons of human progress and freedom? They are more likely to spit on our graves.
"Underlying Western free-market democracy, and its American form in particular, is the belief that this system is of permanent value to mankind: a "New Order of the Ages," as the motto on the U.S. Great Seal has it. It is not supposed to serve only the short- term and selfish interests of existing Western populations. If our system is indeed no more than that, then it will pass from history even more utterly than Confucian China — and will deserve to do so.
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Anatol Lieven is a senior research fellow at the New America Foundation in Washington and the author, with John Hulsman, of "Ethical Realism: A Vision for America's Role in the World."
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