Capping It Off: How a concept became an environmental policy catchphrase.
" "Cap and trade" began not as a catchphrase, but as a simple concept: that the market could help curb pollution. Its roots date to the 1960s, when U.S. government scientists came up with a scheme for regulating sulfur dioxide emissions through setting a cap and then trading the right to emit over the limit. By the 1970s, environmentalists -- and their politician allies -- embraced the concept, and it became standard in regulatory legislation. Now, as climate change makes the regulation of carbon emissions crucial, cap and trade may be more necessary than ever, if global wrangling doesn't do it in first. "
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