The distortions that governments introduce are even more evident in foodstuffs, and this time the culprits are rich countries, particularly America and Europe.

ECONOMIST: The real lesson from volatile commodity prices

This is less likely to trip up an agreement if the targets set at Kyoto are modest enough for the rich countries actually to comply with this time around.

ECONOMIST: If you want a cool planet, keep a cool head

To encourage this new view, rich countries have shown an increased willingness to let poorer ones open their financial markets over time rather than all at once.

ECONOMIST: Dealing for dollars