THE LAST FREE MARKET SPORT:

[T]his great, global contest we're watching offers some insights on broader challenges facing the world economy, in particular what countries and companies need to do better to increase growth, create jobs, reduce inequality and generate greater prosperity for the most people.

To wit:

*Improve the access of talent, no matter where it resides, to competitive venues that allow those people to develop.

*Enable that talent to compete in a fair, competitive and rule-based environment.

*Provide an organized context in which those now enjoying better access can occasionally go home to improve their local economies.

*Adapt to changing circumstances and deploy better management practices so legacy economic titans don't get paralyzed by paradigm shifts even if their historical advantages are eroding.

There was a time when similar considerations underpinned regional and global efforts to promote freer and fairer trade in goods and services, together with safer movements of labor and capital. 

Follow @brothersjudd