New Delhi, Dec. 2 -- Today, the provision of public goods and services at the global and regional level is dangerously inadequate. The UN system, the European Union, and other multilateral organizations are under great stress, because their budgets are inadequate to meet their responsibilities.

While a few free-market ideologues may still argue that profit-motivated corporations should run the world without governments, experience proves otherwise. Governments are essential to provide universal access to vital services such as health and education; infrastructure such as highways, railways, and the power grid; and funding for scientific research and early-stage technology. Governments are also needed to tax the rich and transfer income to ...