"For market economies, and the Western model of democracy with which they have been associated, the existential challenge for the foreseeable future will be global warming. Other threats like terrorism may well be damaging, but no other conceivable threat or combination of threats can possibly destroy our entire system. As the recent British official commission chaired by Sir Nicholas Stern correctly stated, climate change "is the greatest and widest-ranging market failure ever seen."
An essay titled The end of the West as we know it? at IHT.
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