> when we use limited social capital to address a problem
Let an actual free and fair market solve it. When externalities have to be included in pricings (be it insurance premiums for superfund cleanup, earmarked money in trusts for cleanup, or simply preventing emissions in the first place) instead of having them shouldered by society, the market will by itself weed out companies doing excessive environmental damage.
That seems like a convoluted definition of "free market". For that to work there needs to be some agreed upon definition of what effects are considered "externalities" and there also needs to be an enforcement mechanism. There's no way that's going to be handled other than central planning.
Let an actual free and fair market solve it. When externalities have to be included in pricings (be it insurance premiums for superfund cleanup, earmarked money in trusts for cleanup, or simply preventing emissions in the first place) instead of having them shouldered by society, the market will by itself weed out companies doing excessive environmental damage.