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Globalization in an Age of CrisisMultilateral Economic Cooperation in the Twenty-First Century$
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Robert C. Feenstra and Alan M. Taylor

Print publication date: 2014

Print ISBN-13: 9780226030753

Published to Chicago Scholarship Online: September 2014

DOI: 10.7208/chicago/9780226030890.001.0001

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Facing the Climate Change Challenge in a Global Economy

Facing the Climate Change Challenge in a Global Economy

(p.215) 6 Facing the Climate Change Challenge in a Global Economy
Globalization in an Age of Crisis

Lee Branstetter

William Pizer

University of Chicago Press

Large, adverse effects of climate change are predicted in the decades to come and past greenhouse gas (GHG) emissions have missed supposedly agreed and achievable targets, a reflection of two deep problems of intergenerational and transnational collective action. One is that the full benefits of action today are uncertain and will not be felt until the distant future; the second is that, unlike most “local” pollution, GHG is a global externality problem, and most political decisions are national. In light of these problems, current “top down” approaches, e.g., Kyoto, may not be fruitful, compared to “bottom up” action at national or regional levels. With multi-speed policies “carbon tariffs” might also help address the externality problem, but could be a source of political friction.

Keywords:   Climate change, Greenhouse gas, Externality, Kyoto agreement, Carbon tariffs

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