Free traders are ecstatic. Negotiators at the 9^th World Trade Organization ministerial conference in Bali cheered, hugged, and wept at what they see as the successful culmination of their recent round of talks. “A giant step for businesses large and small,” enthused the CEO of UPS. The well-regarded Fung Business Intelligence Centre announced that the agreement among the 159 WTO members “will not only restore confidence in the multilateral trading system, but also boost world GDP by nearly $1 trillion and generate 21 million jobs.”

“Joy unbounded, with wealth surrounded,” to borrow from Gilbert and Sullivan. The joy is easy to understand. Any agreement reached after years of bickering takes on out-size proportions, witness the joy last week when Democrats and Republicans reached a budget agreement. Never mind that the Ryan-Murray deal can have little fiscal impact. From little compromises mighty agreements of consequence grow seems to be the general belief. The fact of deal is more important than the facts in a deal.  Hence the joy unbounded in Bali and, separately, here in Washington.