Trade imbalances are re-emerging in the world economy. State economic intervention is enjoying a retro-1970s revival. The financial services industry is in global disgrace.

Time, it would unfortunately appear, for a fresh outbreak of mercantilism. A fixation with goods exports as the driver of economic growth, usually mainly confined to newly industrialising emerging market countries, is spreading across the US and Europe. If governments are not careful, this will end up with manufacturing export lobbies once again seizing control of government policy. That would be highly unwise.

Countries such as Germany and Japan have long had an export mania. Naoto Kan, the new prime minister of Japan, speaks lovingly of aggressive government support for Japanese companies seeking overseas sales.