In theory, the deal between capital and labour is simple. Capitalists say to the workers: you help us lift profits and we will reward you with higher wages. That way, everyone wins.

But recently this tacit agreement has collapsed. If you are a humble wage-slave you may not be aware that, across the industrialised world, companies are enjoying an era of extraordinarily high profit growth. What you may be aware of, however - perhaps painfully - is that, except for those at the very top of the income scale, pay rises are barely keeping up with inflation.