OPINION, Chandran Nair: Financial Times
Sir, You commendably acknowledge that public interests are not served by private ones when it comes to climate change and marine diversity, [“Keeping fish in the sea and on the menu”, Editorial, November 4]. But we should be honest and accept that there are areas other than those where you recognise Adam Smith got wrong on the commons, and they have global economic significance.

Public interests are increasingly being run roughshod by private ones; in the destruction of forests and the associated loss of biodiversity, which is partially linked to climate issues; in the depletion and pollution of ground and surface fresh water; the contamination of vast areas of land, and so water; and by the indiscriminate use of chemicals and disposal of industrial waste. More visible examples are air pollution, with its affect on public health, and urban congestion. Mr Smith lived at a time when there were not many more than 750m people on the planet. As brilliant as he was, we must agree he had not the vaguest idea of today’s world, of its 6.6bn inhabitants, racing towards 9bn by 2050.

And surely he could not foresee how innovation now allows people wilfully to damage the planet and alter social fabrics. How could he imagine more than 1bn Chinese and Indians joining the world economy as equals, even as we continue to promote private lifestyles that so efficiently plunder resources such as carbon and fisheries in ways that show scant regard for public interests?

Let us agree to stop harking back to prop up market ideologies that are creaking under the realities of the harsh world we have made for ourselves. If we do, maybe there will be a chance that we will take the urgent, draconian measures needed to protect the commons.

The trading schemes to combat climate change are good examples of this misplaced faith, resting too much on the silent hand of the market. Emissions trading is no substitute for directly cutting it, through tough regulations that curb use, demand best technology and hit offenders with biting penalties.

Chandran Nair
Founder and chief executive
Global Institute For Tomorrow
Admiralty, Hong Kong