Ruth Davidson, the Scottish Conservative leader, put it best in a piece for the Unherd website last year. “The instabilities of insecure employment, opaque career progression, wage stagnation, high rental and commuting costs and growing financial barriers to home ownership clearly explain why Britain’s young adults don’t feel they have a stake in a system that doesn’t work for them,” she wrote.

Capitalism is falling out of favour. It feels strange writing those words because the alternative — socialism — failed. China and Russia, the tyrannical red front in the economic cold war, fell behind the West and have now adopted a bastard hybrid that takes the autocracy of communism and the cronyism of capitalism for its parents. Venezuela practised a version of democratic socialism