The antidote is international political discipline and a re-commitment to free trade and rule of law, even in the face of distress.

FORBES: Markets: Risk Aversion But Not Risks Averted

"One of the key areas where common sense and the practical, day-to-day experience of teachers all over the country has been sacrificed on the altar of political targets is discipline, " she said.

BBC: Pupils to lose right of appeal - May

Comcast would presumably prefer not to provide that bandwidth, and it appears to be constrained only by political pressure, not market discipline.

FORBES: Comcast's Puny Data Cap Increase

And if the public cannot discipline private entities in a free market, how will it discipline a government, especially when political pressure groups are calling for devaluation?

FORBES: Private Currency Competition Is The Monetary Answer

Fans of political integration say that the only way to enforce discipline is to create a United States of Europe (see Charlemagne).

ECONOMIST: Europe's currency crisis

And ultimately in the age of the global economy, both political leaders and corporate leaders are subject to the discipline of the markets, as sovereign bondholders and shareholders can sway corporate and country-level confidence dramatically.

FORBES: Is Running A Country Like Running A Company? Should It Matter?

One victim of Mr Martin's political weakness may be the former finance minister's famous fiscal discipline: federal spending last year rose by a worrying 15%.

ECONOMIST: Canada has everything, except perhaps ambition

Though Petrobras, subject to market discipline, is relatively lean, any new state company might quickly become puffed up by political appointees.

ECONOMIST: Brazil

The middle classes did not start to take holidays in a big way until the late 19th century, at a time when the values that mattered were still industry and discipline, and when leisure and idleness were perceived as sources of moral, spiritual, financial and political danger.

ECONOMIST: Lexington