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With global temperatures rising at an alarming rate, the race is on to lower the world's consumption of fossil fuels and accelerate the adoption of greener forms of energy.While free markets may have steered much of the world toward a wealthier, healthier future, placing our faith in Smith's "invisible hand" to win the fight against climate change would be a tragic mistake. In a capitalist economy, our relationship with the future is guided by economic forces that are notoriously fickle. Because these contracts price in assumptions about the future, commodity prices can fluctuate wildly.If resource-related trends were discernible from outcomes in financial markets, those who could see them would trade accordingly and the trends would disappear.To defer to markets to overcome the environmental woes of capitalism is a blueprint for disappointment – and a recipe for planetary suicide.
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