The voice of change is ringing across the global economy. As chief executive Jeffrey Immelt, wrote in General Electric’s annual report: “The global economy and capitalism will be reset in several important ways. The interaction between government and business will change forever. In a reset economy, the government will be regulator and also an industry policy champion, a financier and a key partner.”

Mr Immelt’s diagnosis amplifies the advice of Rahm Emanuel, chief of staff to Barack Obama, the US president, who observed it was important to “never waste a crisis”. A genuine crisis permits an executive to take transformative action with maximum support and minimal objection.