>China's global economic and political dominance in this century could be so total that future historians will come to think of the entire modern history of Europe and the US as a mere setup for China becoming what it is

That's surely an interesting take when their demographics are absolutely imploding, and their economy is rife with state sponsored excess funded by debt.

Say what you will about capital markets, but they do tend to deliver things that are actually desired and economically valuable given the right pricing incentives.

I've long argued that we should replace our income tax with a progressive but heavy carbon tax. This would be far more effective than federal greenhouse gas regs and incentive programs. Unfortunately they're politically dead on arrival because they would tax the rich, powerful and politically connected far more than your average joe.