The foreign policy challenges that we face are daunting. The global financial crisis, stock and commodity market gyrations and an impending deep recession are corroding the structure and traditions of international co-operation labouriously constructed over the last half-century. For a few weeks, it seemed as if we were watching a documentary of the Dirty Thirties. Economic nationalism flavoured with a strong whiff of sauve qui peut policy-making seemed to be the order of the day. The strongly nativist elements of the U.S. bailout package, combined with what The Economist calls "beggar thy neighbour" rescues of their banks and depositors...

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