Ours is a world of states. Yet none of these states can isolate itself from what happens elsewhere. All can learn from one another. All are threatened by the spread of terrorism, gangsterism, pollution, disease and war. All can benefit from flows of ideas, trade and investment. How then is a world of sovereign states to achieve such aims? “Through international institutions” is a big part of the answer.

Apart from those who work for, advise, or depend directly on these institutions, few feel affection for them. Yet, however unpopular and imperfect they may be, international institutions perform invaluable functions. This is unquestionably true of the three economic institutions whose heads will soon depart: the World Bank, the World Trade Organisation and the Organisation for Economic Co-operation and Development.