One of the startling features of Anglo-American capitalism is that corporate investment remains so low when profits are so high. This lack of investment seems all the more puzzling given that money is cheap, infrastructure needs are glaring, fast-growing consumer markets are opening up all over the developing world, and smart technologies are making it possible to imagine and create new business models.

What is going on?

The most obvious answer is that corporate bosses are still traumatised by the financial crash of 2008 and remain highly risk averse. It is easier to cling to what you have than to bet on something new. Just ask Eli Lilly, the US pharmaceutical company that spent billions of dollars developing an Alzheimer’s drug that has sadly failed its clinical trials.