A new year needs a new word that reflects the special trends and tendencies, the hopes and dreams and challenges ahead. Sadly, a strong candidate for the word of the New Year 2013 has to be “omnishambles,” meaning a mess everywhere. Wherever you look, economies are under unprecedented pressure, governments are suffering from budget deficits, unemployment rates are high and hurting millions of families, world trade is slumping and the very systems that underpinned recent rapid global growth seem to be breaking down.

Even globalization is facing important challenges. It is all about creating a single seamless world where national boundaries diminish in significance in the interests of economic freedom and greater opportunities for all.

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