We in the western world confront two crises: a collapse in trust in our democratic political system and a planetary environmental threat. The former requires the renewal of common purpose at home. The latter requires not just common purpose at home, but shared global purpose. These are things business cannot provide. It will take effective politics, instead. A big question is whether business will be able to promote the needed political solutions or just create political problems.

A small gleam of light on the politics comes from a report out today from the Centre for the Future of Democracy at Cambridge, entitled The Great Reset. It concludes from opinion surveys in 27 countries, including all the western democracies, that the pandemic has strengthened trust in government and significantly damaged the credibility of populists. But it has not so far increased support for democracy. This is at least moderately encouraging. Trust in government is a necessary condition for action, especially when, as in the case of the environment, that means sacrifice.

A big issue, however, is where business fits in. This is a particularly appropriate question to ask this week, when the World Economic Forum, an organisation that brings global business leaders together, is meeting, albeit virtually.