This is a fundamental point, because while it is one thing to shine a light on capitalism as it is, to make it more transparent, it is quite another to change the way it works – and who it works for. Capitalism is meant to help, not hinder the economy, by providing capital for companies to innovate, grow and create jobs. The reason it has become so unpopular is because during the financial crisis it did the opposite. It starved the economy of finance and the reason was the same as it has been at every financial crisis – over-leverage in the banking system, otherwise known as debt.

This is illustrative of who capitalism currently works for and who it doesn’t. Debt may be a suitable (and tax deductible) form of corporate finance for established blue chips who, in the last decade, have been low growth and created few net new jobs. It allows them to manage and refinance their obligations. But it is fundamentally ill-suited to helping the companies best positioned to drive economic growth and create new jobs: start-ups and Small and Medium Enterprises (SMEs).