Back to basics, please

In many respects 2009 offered a rather bewildering flashback to the 1970s: Ireland is poor again, the UK bogged down in inflationary socialism, China and Russia are increasingly aggressive, the US is on an international appeasement binge and Sweden is promoting the Welfare State.

Hence 2010 should offer a unique opportunity to reconquer the political initiative, putting and end to rampant socialism in all quarters. True, leaders in this unfortunate movement have been national governments and EU authorities; but business has also helped to fuel interventionism by shamelessly asking for protection, subsidies and exceptional legislation.

Some guidance and comfort are offered in Asia and Latin America. Although not without blemishes, Chile's president-elect Sebastian Pinera has offered a highly commendable slogan. He pledges to be "friendly to markets, not to business".

Kudos to him, provided he implements this principle as president. This should at any rate be adopted as a leading motto by any government willing to stave off the current crisis and avoid costly bailouts by companies seeking handouts.