The problem is that we cannot rely on a competitive market regime for economically efficient private provision of public goods.
And the depredations of the Enrons and their progeny will point the way, finally, to a truly modern energy market regime.
This, and many other new powers conferred on the secretary of state, are being justified on the grounds that they are necessary to protect the interests of students as "customers" in the new market regime.
The EU, meanwhile, is pushing its own deal with the US – the TTIP – and separate agreements, including with India, where Bhagwati believes the pro-market regime of Narendra Modi will be more sympathetic to lowering trade barriers than his predecessor.
"My friends," he recalled, "say I have enjoyed the best of both ideologies: first receiving a writer's stipend under socialism and now royalties in the free-market regime".
They share with the debt-transfer systems long-term relationships connecting government, financial sector, and enterprises.In a pure Anglo-American free-market regime, competition and short-term profit maximising make high-debt structures unstable in the face of shocks that interfere with debt-service payments.
The bill will always come back to us, but we might ask why ministers left it all so long, and entirely to a flawed market regime, to deliver us from a real energy security threat that has been on the horizon for years.
"The Walt Disney Company's entire Baby Einstein marketing regime is based on express and implied claims that their videos are educational and beneficial for early childhood development," a letter from the lawyers said, calling those claims "false because research shows that television viewing is potentially harmful for very young children".
In a common labor market regime, the country with the best developed institutions is the host country of immigrants.
The balance between competitive advantages and disadvantages will probably be influenced by the national government's choices about whether or not to stick with the privatized market regime.
