The party is over and the hangover has kicked in. In economies all over the western world, corporate executives and the rising stars of finance are beginning to think that this downturn could be different.

Unlike the dotcom bust, which briefly crimped sales of champagne and Porsches before the good times started again, this slump is prompting Wall Street executives and Kensington yummy mummies alike to rethink their attitudes to their career, values and spending habits.