Simon Johnson’s comparison of corporate financiers with Russian oligarchs has justifiably attracted attention. Mr Johnson, a former chief economist at the International Monetary Fund, has written an article for the May issue of The Atlantic entitled “The Quiet Coup”. He exaggerates for effect. But his underlying point is important.

When a group becomes too rich and powerful, it can wield influence over politics and over commercial activities in which its members are not directly involved. The effect is to enhance that wealth and power. This process is likely to end in political and economic crisis. That was the history of royal courts across Europe, from Versailles to St Petersburg. More recently, it has been the experience of many developing countries and transitional economies. In the three decades since Margaret Thatcher and Ronald Reagan inaugurated the market revolution, it appears that Britain and the US have joined their ranks.