In a country where “l(fā)iberalism” means big government and “neoconservatism” implies utopian derring-do, the mangling of another abstract noun was probably due. What US politics has done to “ socialism” over recent months is no less regrettable for that.

Whether in the mouths of Democrats, who are warming to the word, or of Republicans, who still spit it out, it has come to mean something more familiar to a European as social (or Christian) democracy. Fiscal transfers, universal healthcare, powerful trade unions: not only do these things not add up to socialism — Denmark is no command economy — a true stickler for that creed would actively oppose them as efforts to buy off the revolution. They are not designed to replace the market so much as to stop the masses turning against it.

All of which provokes a counter-intuitive thought. Hardened capitalists should vote for a Democratic president in 2020 — even a fairly leftwing one — rather than a Republican. The market system is under greater popular stress, after all, than at any time since the 1930s. One answer to the resentment is to give no quarter at all. A wiser one is to contain the anger by making pragmatic concessions to it.