[S]hould we attempt to use sensible words to deal with these problems, they will be caught up immediately in the structures of the official arguments… - John R. Saul

A referendum is little more than a "rumour of choice." The idea behind the mechanism, ever since its first modern manifestations two centuries ago under Napoleon, has been to replace democracy with the sensation of democracy. That is: to replace the slow, complex, eternally unclear continuity of democracy, and all the awkwardness of citizen participation, with something clear and fast which allows those in power to impose their agenda. Through an apparently simple question with a one-syllable answer, those who ask can get a blank cheque from the citizenry; that is, if they choose their moment well and come up with a winning question.

The individual has been allowed out of his socially constructed cage. That, at least, is the contemporary myth. What is not clear, however, is what that liberation has to do with the fulfullment of individualism. The lessons of history seem relatively clear. Societies on the rise are simple, unadorned and relatively uncompromising. Those on the decline are given to open-mindedness, self-indulgence and the baroque.

Left to its own devices the market is capable of the most miraculous of inventions and the silliest of self-delusions. It is an extreme romantic. It also has a real purpose — the same one it has always had. That is to organize the supply and exchange of goods or to finance the production of goods — thus facilitating and financing the economy. But the market cannot achieve in a regular and lasting manner its own purpose because it is only an unconscious and abstract mechanism. The factor which must be added in order to create the restraint, balance, and consciousness necessary for long-term prosperity is human leadership. That leadership takes the form of effective regulation.