I was speaking on BBC4's World TV programme about capitalism and globalization. Tony Benn deplored how undemocratic it all was, with WTO, World Bank and others not directly elected by the people. I said that it wasn't supposed to be democratic.

The idea that something so vast as a complex global market should be directed by a few elected politicians was laughable. It has billions of inputs which produce an unplanned social and economic order more intelligent and flexible than anything which human minds could direct.

Professor Jagdesh Bhagwati of Colombia University made several valid points about how poorer nations, including India, had thrived and prospered once they had entered that global market-place. He sided with the achievements of capitalism and trade, which I pointed out had lifted more people out of poverty last year than ever before in human history. I do hope and believe they will continue to do so.

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