As Keynes argued, market signals fail when it is the case that numerous different actors need to make coordinated changes and yet none can take all others’ choices as given. Only a central decision maker, Keynes’s successors insist, can hope to bring about such coordinated, collective transformation in a timely and effective manner. The interlocking matrix of changes required of innumerable stakeholders by the climate crisis is a quintessential example of a transformation of this type.
