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Yet even if one agrees that a country has a right to restrict immigration, it does not follow that it ought to do so. Mr Legrain argues that it is not just in the global interest to have free migration, but also in that of recipient countries. A standard “gains from trade” analysis would suggest that this should be true. But if one is to argue for free movement of labour on economic grounds one needs a sense of the likely consequences. Analyses of free migration in the presence of huge real wage differentials suggest that we would end up with vast informal sectors and shanty towns. That is what happens within poor countries. Why should it not happen across the globe? I cannot see how one would persuade a host population that this outcome would be in their interests.

What seems increasingly clear is that the combination of generous government guarantees with rampant profit-making in inadequately capitalised institutions is an accident waiting to happen – again and again and again. Either the banking industry should be treated as a utility, with regulated returns, or it should be viewed as a profit-seeking industry that operates in accordance with the laws of the market, including, if necessary, mass bankruptcies.

The big strategic questions concern energy security and the shift in the balance of power towards unattractive regimes, be they Vladimir Putin’s Russia, Hugo Chávez’s Venezuela, Mahmoud Ahmadi-Nejad’s Iran or the House of Saud’s Arabia.

True, liberalism everywhere gestures towards the supposed horrors of an alternative political order in order to justify itself, but in the west these days it usually does so with power on its side. Muslim liberals, on the other hand, not only possess little power in their own right, they have also been unable thus far to stage the spectacular acts of sacrifice that mobilise people for a cause - acts of the kind that militants are so adept at performing. These sacrificial acts need not even be violent to be effective, as Gandhi and after him Martin Luther King and Nelson Mandela demonstrated so well through the entire course of the 20th century. Perhaps liberals are incapable of staging such spectacles, given their devotion to protecting interests rather than sacrificing them, which is why liberalism has always come to power on the back of far more radical movements dedicated to religion, revolution or revenge.

LOSING OUR DELUSIONS. Not Much Left by Martin Peretz