Even the more modest goal of a free-trade area, if it is to be a credible one, means that they can no longer shirk agreement on a few common laws (on matters such as competition policy) and some minimal common institutions, including a permanent tribunal to settle trade disputes.

ECONOMIST: Mercosur’s malaise | The

Different countries will preside over the nine negotiating groups (covering matters such as investment, services, competition policy and subsidies, as well as market access).

ECONOMIST: The road from Santiago | The

It would be best to broaden the new round to areas such as industrial tariffs, investment and competition policy, to allow more scope for the trade-offs on which a final deal depends.

ECONOMIST: Storm over globalisation

In response to which, Mr Swinney says that Scotland can have a stable currency - plus other economic levers such as tax, spending, borrowing, competition law, employment policy and immigration with which to boost Scotland's distinct interests.

BBC: Scottish independence: Political battle over currency

Such competition, as in business, usefully disciplines the public sector, even as it can lead to policy gridlock (as noted about India in this space last issue.) And the competition is real: Around the world we see a remarkable number of closely fought elections with high stakes.

FORBES: Seesaw Balloting