If the external costs could be put back onto the ones responsible for them, it would be OK. The problem is that now those industries are effectively subsidized

If the external costs could be put back onto the ones responsible for them, it would be OK. The problem is that now those industries are effectively subsidized by society. If polluting industries would pay for my allergy medicines, my replacement lungs, my relocation costs due to rising sea levels, etc, hey, that'd great. Let them pollute and let the market sort it out (as it most certainly would, given the prices they'd have to charge to cover their enormous expenses). However, they do not. So I am (and you are) forced to subsidize them. Incidentally, I never voted for subsidizing pollution, so I guess my remaining option is to "artificially terminating" it.