Mr Spence is no fire-breathing ideologue, but he clearly believes the world trusts too much in laissez-faire and not enough in government. America, he says, needs to spend more on unemployment insurance, industrial policy and public infrastructure. The world economy needs “enhanced coordinated oversight” and “global effective government”. But he is never clear about what this would entail nor what good it would do. Mr Spence wants to replace the current hybrid of floating and fixed exchange rates—with “a new hybrid”. That's as specific as he gets. He downplays the benefits of China letting its undervalued exchange rate rise while arguing later that it must do so anyway.

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