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"Could a Socialist Plot Save the Planet?"

Kate Aronoff

For some, though, nationalization is not such a radical proposal. A new working paper from the Next System Project (NSP)—authored by Gar Alperovitz, James Gustave Speth, Ted Howard and Joe Guinan—outlines a plan for the U.S. government to take over the fossil fuel industry, using $1.15 trillion in public funds to do it.  [...]

Nationalized natural resources aren't a novel idea. Sixteen of the world’s 20 largest national oil firms are state-owned, and the International Monetary Fund estimates that—worldwide—the fossil fuel industry rakes in $10 million of government subsidies per minute.

What the NSP lays out is quite a bit different. Rather than propping up coal, oil and natural gas firms indefinitely, the authors propose to “take over the companies, wind them down, and do it in a way that does not load the taxpayers with the costs....