The Korea Times
The Supreme Court is preparing to consider whether states and municipalities can pursue billions of dollars in damages from fossil-fuel companies over greenhouse gas emissions. Dozens of local governments argue that these firms misled the public about climate risks and should now pay for rising sea levels, wildfires and extreme weather. Climate is not the only arena where courts are being asked to resolve the social costs of private enterprise. A growing number of lawsuits target major online sportsbook operators, alleging that their platforms foster addiction and financial harm while failing to implement adequate safeguards. Whatever one thinks of these cases, their very existence reflects a deeper tension in American capitalism. When industries generate large, measurable profits alongside large, measurable public costs, the system struggles to resolve the imbalance. If legislatures do not act in advance, courts are asked to act after the fact. American capitalism excels at dynamism. It produces growth, innovation and wealth on a scale no other system has matched. But markets reward ga
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