For all the pageantry, the G-20 meeting did very little. Its greatest achievement was papering over the cracks in world economic policy, in particular the gap between the unrepentantly spendthrift USA and UK on the one hand, and more prudent nations, that is most of the rest of the world, on the other.

However, to that extent, G-20 was a success. Politics is largely about perceptions – and so is economics – and the markets liked the display of unity and purpose. Loss of confidence helped get us into this mess and restoration of confidence will help get us out.

Anyway, G-20 was never going to “fix” the world economy. Government action alone cannot do that.

Yet the governments missed a golden opportunity to do what this blog has been advocating all along: unleash the power of free enterprise.

Imagine – and all we can do is imagine – if they had agreed a co-ordinated strategy:

1   To postpone the collection of all business taxes by six months;

2   To postpone the deadlines for all official paperwork by six months; and

3   To exempt all new jobs from employment regulation, apart from those health and safety rules which really are necessary, for six months.

Imagine the tidal wave of business activity that would follow.

Most of us have a number of business ideas at the back of our minds. We are put off by the risk versus reward calculation, or by the sheer hassle of starting a new business these days.

Imagine if we were suddenly allowed to keep more of the rewards for taking risks, and if the hassle factor was suddenly reduced dramatically: we would all rush to take advantage of a once-in-a-lifetime opportunity – especially if it was open for a limited period only. We would hustle like we never hustled before. Somehow, we would get the money and we would sell.

The recession would be over in a matter of weeks – possibly days.