It is no coincidence that the jargon of capitalism borrows so heavily from the language of human relationships: think equity, credit, trust, share, bond and fair value. Capitalism is an extension of these basic human aspirations, and has guided the world economy to unprecedented prosperity.

Yet faith in market institutions has rarely been lower. This is not without reason. Markets mostly encourage a near maniacal focus on short-term financial results, tolerance of disparities of opportunity, and an apparent disregard for the common good. If these tendencies are left unchecked, the public cannot be expected to show faith in capitalism.

Polls show a correlation between public confidence in the system and broad-based income growth. In the 1990s, middle-class US household incomes improved by 14 per cent in real terms, according to official data. In the same decade, opinion polls show, the proportion of people who believed the US was moving in the right direction went from 28 per cent to 51 per cent. But between 2000 and 2012, the average income of this group declined by more than 8 per cent; not surprisingly, the number who believed their children would be better off than they were fell from 71 per cent in 2000 to 15 per cent in 2013.