Firstly, I entirely agree with your point about planned economies. I would go slightly further and say that any system where power is centralised to too small a

Firstly, I entirely agree with your point about planned economies. I would go slightly further and say that any system where power is centralised to too small a range of actors ultimately fares poorly, and monopoly of any type of power, government, industrial, financial, tends to lead to abuse. I’ve been wondering recently whether western economies despite not being planned are increasingly de facto centralised due to a high degree of monopoly and control by a narrow interest group. Secondly, financial incentives are very powerful if correctly designed. At the moment they are used for things like subsidising hydrogen or adaptation technologies. But they are not deployed - for example as penalties - to deter investment in stuff that is net damaging to human wellbeing. We have a situation where banks are both financing companies that create climate change and also companies that create climate change solutions. Aside from that being GREAT business, it’s also the type of problem that might arise in a centrally planned economy (to the first point).