A market system that fails to price the full cost of carbon is socialism -Dan Moutal
Or also capitalism without a carbon price. Not sure I understand!
The only reason coal is cheap is because people can get away without paying anything to dump GHG emissions in the atmosphere (It an externality). But of course the costs of these emissions don’t go away, eventually the public will pay for them. So in effect the lack of policy to internalize these costs is government subsidy.
This might not fit the textbook definition of socialism, but it does fit the popular definition (at least here in North America).
It’d be interesting to go round and quiz a bunch of (to pick an example at random) opponents of `obamacare’ who were calling it socialism and ask them what they thought socialism actually meant. I guess the popular meaning in those circles is “government”. Or possibly “everything I don’t like”.
As George Orwell said: The word Fascism socialism has now no meaning except in so far as it signifies “something not desirable”.