Danny Cullenward and David G. Victor argue that carbon pricing, the policy approach most economists favor for addressing climate change, has systematically failed and will not work at the scale required. Their critique draws on extensive analysis of cap-and-trade programs in California, Europe, and elsewhere, showing that these programs have produced minimal emissions reductions while creating complex systems vulnerable to manipulation and political interference. The authors, who combine legal and political science expertise, examine why carbon prices remain too low to drive significant change and why the political dynamics of carbon markets tend to keep them that way. They trace how industries have captured regulatory processes, how offsets have undermined program integrity, and how carbon market design reflects political compromises that prevent effectiveness. Cullenward and Victor do not reject the role of carbon pricing entirely but argue it cannot be the primary driver of decarbonization as currently implemented. They call for greater reliance on direct regulation, technology standards, and industrial policy, approaches that have historically delivered results even when less theoretically elegant. The book provides essential context for understanding why climate policy has fallen short and what alternatives might prove more effective.