Misguided incentive and remuneration systems, daring financial instruments, fast money and poor supervision have led to a huge accumulation of unsolved problems. Now all the signs point to a recession. Even well-run companies are being forced to downsize.

The public is bewildered. Why did no one see it coming? Will the state offer protection from similar crises in future? The loss of confidence that failures of the market and the state have caused is understandable. Managers have also made mistakes. If you lay too much store by short-term ambitions and narrow interests and too little by solidity and solidarity, the future will pass you by. This short-termist business model – along with dubious remuneration practices and exorbitant severance payments even in cases of failure – must be declared defunct. More humility is needed, in all quarters.