Market Failure and Political Failure

In areas like air pollution, traffic congestion, spectrum allocation, and cigarette consumption, market mechanisms have often proved to be the best way for governments to address market failures. So why are such mechanisms now in retreat almost everywhere?

PARIS – Markets can fail. But, as has been demonstrated in areas like air pollution, traffic congestion, spectrum allocation, and tobacco consumption, market mechanisms are often the best way for governments to address such failures. So why are such mechanisms now in retreat?

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