Having followed emerging markets rather closely for my entire adult life, I agree that they are fast-growing and that, save for occasional volatility, this is likely to continue. But are we engaging with them as much as we should? I don't think so. The West can't even bring itself to make the concessions needed to complete the trade liberalising "Doha round" – which would allow us to seriously get involved in, and do business with, the world's most dynamic economies. So we are failing to benefit as we could from the growth that is taking place elsewhere, while being unable to avoid, of course, the implications of that growth on global commodity markets.