Environmentally, business in America in 1970 was very similar to business in China today. Even if a CEO wanted to be a responsible corporate citizen, he (and they were all "he's" then) simply couldn't invest a billion dollars in pollution controls to produce a product that was indistinguishable from those of his competitors. His products would be priced out of the market. Passing laws that created a clean, level playing field for whole industries had to be a core focus of the 1970s.

Under communism, prices were not allowed to reflect economic reality. Under capitalism, prices don't reflect ecological reality. In the long run, the capitalist flaw -- if uncorrected -- may prove to be the more catastrophic.

We need a firm cap on carbon emissions from fossil fuels. No coal, oil, or gas could enter the economy until the buyer had a permit. All permits would be auctioned by the federal government, and the number of permits auctioned would be decreased by three percent per year. Permits could be traded, but they could not be created out of whole cloth by companies that plant forests or dump iron filings at sea.

Environmentally, business in America in 1970 was very similar to business in China today. Even if a CEO wanted to be a responsible corporate citizen, he (and they were all "he's" then) simply couldn't invest a billion dollars in pollution controls to produce a product that was indistinguishable from those of his competitors. His products would be priced out of the market. Passing laws that created a clean, level playing field for whole industries had to be a core focus of the 1970s.

These are not exhortations from overwrought extremists, but carefully phrased warnings from some of the world's finest scientists.

With time environmental issues got much more complicated. It is pretty easy, if you know what you are doing, to stop a company from pouring poison into a lake where kids swim. It is much harder to address all the myriad greenhouse gases emitted by different sources - from petrochemical refineries to hundreds of millions of peasants cutting down trees for their incredibly inefficient cook stoves.

Sustainability requires that we demand enduring quality. Steve Strong has a slide presentation pointing out that much of Oxford was built 800 years ago. What are we building today that will be here 800 years from now? If something like that emerged from this recession, it would help justify the hardship so many people are currently experiencing.