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Ian Bremmer has, as always, made a perceptive and provocative observation about the state of the world. Where I would respectfully differ from him is over the true significance of this observation.

It really comes down to what is meant by “global leadership,” on the one hand, and “global governance,” on the other. It is conventional to call for more of the former and to bewail the weaknesses of the latter. And with Bremmer I would accept that there is a shortage of such leadership and that global governance is patchy at best. The world is certainly not being run by the G-20, or by a G-anything else.

But the question we should ask is: “So what?” Or, by way of extension: “So what’s new?”

For a start, I do not recall...