The Czech president Václav Klaus is often a lonely voice of reason among leading politicians. His brief speech about global governance at the recent Asia-Europe meeting is worth reading. Here is a quote from the speech:
Let us not delude ourselves that business cycles and their consequences can be prevented by more extensive government regulation or by aiming at global governance of the world economy.
Government regulation is more a problem, than a solution. We should be more afraid of some of the recently implemented measures than of the crisis itself. In the declaration we are to adopt at this summit, the word “governance” is more prominent than the word “market”. This is worrisome because the belief in the government’s omnipotence is evidently outdated, mistaken, unavoidably undemocratic and discriminatory, and – above all – it is condemned to fail.