To our way of thinking, Gov. Arnold Schwarzenegger's eagerness to have California become the de facto world leader of an aggressive effort to combat global warming by requiring businesses to reduce greenhouse-gas emissions has an inescapable fundamental flaw: It would add unique costs to industries here not borne by competitors in the other 49 states, to say nothing of the many developed and emerging nations who see pollution as a small price to pay for prosperity. Especially at a time of growing international competition, for one state to tackle global warming alone isn't just quixotic, it's economic folly. Obviously, a...