A quiet revolution in Left-wing economic thinking is bubbling on both sides of the Atlantic.

The Labour Party here and Democrats in America are embracing the Continental view that the “Anglo-Saxon” economic model is just too short-termist, and too obsessed with maximising near-term share prices. To “transform capitalism,” both parties are considering legislating for “workers on boards” – a variant of Germany’s co-determination laws.

If elected, Labour has said companies with more than 250 employees would be required to set aside a third of boardroom seats for “worker representatives”. In America, Democratic firebrand senator Elizabeth Warren would go further, committing corporations with $1bn (£790m) or more revenue to at least 40pc of directors being selected by workers.

The thinking underpinning both is that workers often have longer and deeper attachments to companies than transient or disinterested shareholders. Direct representation for workers is therefore said to better represent the long-term interests of the company. Such representatives would vote against perceived irresponsible CEO remuneration packages or share buybacks, and prioritise sustainable value creation and investment.