If the world economy is in crisis, the market economy is even more in crisis. It is seen as unfair, having generated unacceptable inequalities; and inefficient, having attracted massive resources into financial activities whose contribution to the economy is questioned. Yet the world needs an integrated market economy, a necessary, though not sufficient, condition for growth and welfare.

The Group of 20 countries has focused on recovery plans and financial regulation. But this is only a first step towards restoring the credibility of the market economy and taming economic nationalism, the seed of disintegration.