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The havoc on Wall Street following the collapse of the subprime-mortgage market boils down to a simple truth: for years, lots of very smart people took lots of very foolish risks, betting borrowed billions on dubious mortgage derivatives, and eventually the odds caught up with them. But behind that simple truth is a more surprising one: the financial whizzes made bad decisions in part because that’s what they were paid to do. Not literally, of course. The way that hedge-fund managers and investment-bank C.E.O.s get paid is supposed to make them perform better for the investors they serve. Hedge-fund managers, for instance, typically are paid “2 and 20”: they get two per cent of total assets as a management fee, and they keep twenty per cent of their investment gains (above some agreed-upon benchmark). Letting hedge-fund managers keep a chunk of their winnings gives them an incentive to do well for their clients: in theory, they get rich only if their clients do.

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.

I had come to think that our new culture of accountability, which is promoted as the way to reduce untrustworthiness and to secure ever more perfect control of institutional and professional performance, was taking us in the wrong direction.

Martin Stabe must be on performance enhancing drugs - his posting levels are through the roof. It’s all good stuff, especially on the Richard Sambrook vs. Andrew Keen showdown at the Frontline. Keen’s new media vs. old media gamble is that infamy as the blogosphere’s contrarian punchbag will help sell his book. (Jeff Jarvis memorably called Keen’s bluff in this post.)

Creating a wider conversation really means expanding our love. Thinking harder really means building trust. It is an economy of exchange and a performance whose purpose is to reveal something transforming. Unlike Rousseau at openDemocracy, I am not interested in generating agreement and discovering the "General Will." Rather, it is discovering the fact that we are all sharing a room together and we have to learn how to get along.

Consider the evidence uncovered by Paul Oyer, a Stanford Business School economist, in his recent paper, "The Making of an Investment Banker: Macroeconomic Shocks, Career Choice and Lifetime Income" (National Bureau of Economic Research Working Paper 12059, February 2006). Dr. Oyer tracked the careers of Stanford Business School graduates in the classes of 1960 to 1997.He found that the performance of the stock market in the two years the students were in business school played a major role in whether they took an investment banking job upon graduating and, because such jobs pay extremely well, upon the average salary of the class. That is no surprise. The startling thing about the data was his finding that the relative income differences among classes remained, even as much as 20 years later.