But they are worse than me...

The following article discussing opposition to cap and trade legislation in New Mexico highlights many challenges to addressing negative externalities, such as pollution or climate change.

Article: http://bit.ly/a19O71

In particular, the article touches on the theme of forgoing action on the grounds that a particular stakeholder, or in this case the State of New Mexico, does not pollute as much as other states and therefore its efforts to curb carbon emissions will not be that effective in the absence of broader participation. On a national level, opponents to cap and trade pose a similar argument: without the participation of China and India, a U.S. program will not have sufficient impact.

If we are to address the externalities created by pollution, all stakeholders should take the appropriate steps. New Mexico's participation in the Western Climate Initiative could apply pressure on the U.S. government to pass legislation. Moving forward with a regional cap and trade program, similar to the Regional Greenhouse Gas Initiative in the Northeast, could provide an additional example of a group of states making positive steps towards lowering carbon emissions without crippling their economies. On a larger scale, if the U.S. passes carbon legislation that puts us on par with Europe, the additional pressure may compel China, India and other developing economies to enact similar legislation.

Given the nature of state, national and global politics, we can't really wait for everyone to get on board before taking action.