CONTRIBUTORS TO THIS ISSUE

ARTHUR AUGHEY is a senior lecturer in politics at the University of Ulster AZEEM AZHAR is a writer and consultant based in London ROBIN BANERJI is ajournalist PAUL BROKS is the author of Into the Silent band (Atlantic Books) EDWARD CHANCELLOR is the editor of Capital Account, which will be published by Texere in March HARVEY COLE is an economic consultant MARK COUSINS is the director of the BBC's Scene by Scene BOBBY DUFFY is a research director at the Mori Social Research Institute STEPHEN EVERSON is writing a book on metaphysics and the mind CARLO GEBLER s book The Siege of Derry will be published by Little, Brown DAVIDGOODHART is editor of Prospect DAVID HERMAN is a writer and television producer RICHARD HOLTON is a reader in philosophy at Edinburgh University KATE JENNINGS's most recent book is Moral Hazard (4th Estate) KATE KELLAWAY writes for the Observer TIM KING is a writer living in France ELENA LAPPIN’s novel The Nose is published by Picador BEN LEWIS is a documentary maker. He is the presenter of Art Safari JOHN LLOYD is editor of the FT magazine PETER LUDLOW is founding director of the Centre for European Policy Studies, Brussels IAIN McLEAN is a professor in politics at Oxford University LEWIS PAGE was until recently ajunior naval officer. He is now a writer MELANIE PHILLIPS is a columnist for the Daily Mail ANNE-MARIE SLAUGHTER is president of the American Society of International Law SEBASTIAN SMEE is a former art critic for the Sydney Morning Herald IAN STEWART is a professor of mathematics at Warwick University TIMWINTON is the author of Dirt Music (Picador)

2 PROSPECT February 2004

contents Issue ninety-five February 2004

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COVER STORY 2 2 ...... Wasted warships LEWIS PAGE T h e w o r ld ch a n g ed after th e c o ld war; th e R oyal N a v y d id n ’t. B r ita in p e r s is t s w i th a f le e t o f fr ig a te s and d e s tr o y e r s th a t can p erform n o ser io u s fu n c t io n in com bat. A f te r 11 y e a r s ’ serv ic e as an o fficer, I rea l ised the n a v y w a s n o p la c e fo r me.

OPINIONS 10 Prospect theory IAIN McLEAN & RICHARD HOLTON A new branch of economics may help explain enthusiasm for a graduate tax.

11 A dangerous myth ANNE-MARIE SLAUGHTER Last month Jed Rubenfeld argued that America is right to be suspicious of international law. Not so.

14 A sucker’s rally? EDWARD CHANCELLOR Stock markets have bounced back. Too quickly?

16 Free rider phobia BOBBY DUFFY A Mori/Prospect poll shows acute anxiety about welfare free riders.

INTERVIEW 18 Martin Bell JOHN LLOYD Martin Bell’s "journalism of attachment” is eroding the idea of objective reporting.

ESSAYS 30 Too diverse? DAVID GOODHART Is Britain becoming too diverse to sustain the mutual obligations that underpin a good society and a generous welfare state?

38 Brussels breakdown PETER LUDLOW Spain and Poland were partly to blame for the failed EU constitution talks. But France and Germany took the chance to put “New Europe” in its place.

MY STORY 44 Online addict KATE JENNINGS One weekend on eBay got me addicted to bidding for antiques.

WITNESS 48 Can Israel disengage? MELANIE PHILLIPS After a recent visit, I am now convinced that Israel must unilaterally withdraw from the territories.