Are there any fiscal conservatives in power anywhere?

This whole confrontation is overblown and illusory. All of the voices and personalities who come remotely close to power in mainstream political life in all these countries actually co-exist within the same narrow centrist spectrum. There is no Left of the old school – threatening to seize the means of production and the levers of the economy in the name of the proletariat. Not even Mr Livingstone advocates renationalising Britain’s industries or the wholesale confiscation and redistribution of private property. And Mr Johnson, while he is certainly a more forthright spokesman for business interests and lower taxes than David Cameron, would not deny the need to regulate the banks or protect the disadvantaged.

The difference between the Centre Right and the Centre Left (for they are all that remains of the two sides of that old titanic struggle) is now almost entirely rhetorical. The CR wants a free-market economy with an entitlements programme attached to guard against social unrest. The CL wants an entitlement society with free-market activity attached to provide the necessary funds. The argument about the mix is very much confined to the margins – and about how you describe it. The actual differences being so slight (and there being so much flexibility needed to cope with fluctuating reality) that it is necessary to lard the descriptions with emotive, absolutist language to generate some faux passion…

In all the phoney ardour and heat, no one is paying any attention to the two facts that make nonsense of this supposed debate – which is not a debate. The first is that the assumption which all the principal parties have chosen to share is wrong. Relying on the free market to support a vast system of entitlements (whichever of the two you choose to make your first priority) is not sustainable. The market economy simply cannot afford the enormous cost of the social security programmes that are now regarded as politically untouchable in Europe and in the US – as both of their political elites are painfully discovering.

The second, and even more critical point, is that the economy has become so globalised that it is beyond the control of any national government, and therefore outside the reach of democratic accountability.