It has become a commonplace to say that political leadership and nation states count for less and less in our globalised era of instant communication, massive flows of funds, worldwide brands and shared social trends.
'It isn't surprising that no one respects political leaders any more, or has much interest in what they have to say,' declared a leading British intellectual, Professor Anthony Giddens, in his Reith Lectures for the BBC recorded in part in Hong Kong.
His argument is based on the end of the era of the nation state which, in a term used by the Japanese writer Keniche Ohmae, have become 'fictions' held over from the past in the face of rampant globalisation.
The theory may be fine. Nobody could deny that we increasingly live in a global village with Coca-Cola lamps in the streets of Shanghai, Indian dishes becoming the most popular ready-made food in Britain and George W Bush's claims to the presidency boosted by his success with Hispanic voters. As an international city, Hong Kong was, indeed, a living example of such cross-currents and international linkages well before the word 'globalisation' came into vogue. But, still, events keep demonstrating that political leadership and the national interests they represent have not faded away quite to the extent that the theorists declare.
Last week's rumours that Premier Zhu Rongji would resign were a case in point. The rumours, which were swiftly denied, set off a wave of selling on mainland exchanges, producing the biggest one-day decline for almost a year. In a less panicky way, diplomats were led to consider just what would happen if the rumours turned out to be correct. Of course they are wrong, said one, but what if . . .? It may be that substituting George W Bush for Bill Clinton will not mean any great changes in US policy, but the extent of the uncertainty that would be caused if Mr Zhu stepped down is a sign that here, at least, is a case where political leadership does count for a great deal.
The same has applied with Nelson Mandela in South Africa and, across the globe, the man to whom Professor Giddens supplies many of his ideas - British Prime Minister Tony Blair - is another good example of the difference an individual can make. In two years, he has reformed the constitution, established a modernising agenda, lifted the country from late-Conservative lethargy, played a major role in Kosovo, and created what he calls a 'seismic shift' on the age-old problem of Northern Ireland.