As Indian Environmental Prime Minister Jairam Ramesh says.
It's a world of nation states. And failure at Copenhagen seems poised to be the historical marker for the end of the post-World War 2 order, as enforced by the United States. Capitalism without a systemic regulator means a collapse into spheres of influence; trade, proxy and shooting wars. We seem to be at the beginning of a major breakup and it is impossible to know what emerges at the end.