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COPENHAGEN, CANCÚN AND THE LIMITS OF GLOBAL WELFARE ECONOMICS
Author(s) -
Campbell David,
Klaes Matthias
Publication year - 2011
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2011.02095.x
Subject(s) - kyoto protocol , welfare , economics , protocol (science) , global warming , climate change , ecology , market economy , medicine , alternative medicine , pathology , biology
The rise of a global welfare economics directed at the environmental challenges facing our planet represents a new policy phenomenon. This paper examines the most ambitious attempt so far to put such economics into practice via the Kyoto Protocol and more specifically the Clean Development Mechanism of the Protocol. The Copenhagen and Cancún climate change conferences have put an end to hopes of the Protocol serving as an effective tool in the mitigation of global warming. This failure of the new global welfare economics is the result of flawed principles, not just defective implementation.