G 20

It is said that those who fail to learn from history are destined to repeat it !

A conference will be held in London to try and avert a repeat of the " Great Depression " throwing millions out of work and inflicting a financial blight on the world.

A similar conference back in the 1930's failed when the participants closed ranks and adopted policies of protectionism. They shut out the flow of goods from one country to another in the belief that their own factories would keep running - and in the end no factories were left standing and the world economy collapsed.

It would be very easy for the G 20 conference to have a similar outcome. A consensus of the most important countries - the United States, Britain, France, Japan and China - is possible because they have the most to lose, but Europe could be the stumbling block.

The " Old World " is composed of a patchwork of countries of varied sophistication and purpose, some ruled by governments not known to cooperate with their neighbours. It would be so easy for some to seek approval by adopting protectionist policies - and like a contagious disease such thinking could spread and create a catastrophe.

There are already signs that some leaders are resisting any attempt to regulate financial markets, fearing that such restrictions could limit their economies. Putting an end to tax havens will also generate opposition because for some that is the sole source of their national income.

There will need to be give and take - and hopefully most will heed to big picture.

We were a less violent world back in the 1930's and most people accepted hardship with grace and stoicism. Our numbers have increased exponentially - and a repeat of that era could see a world reaction far beyond our worst nightmares !