The strategists of British capitalism are getting jittery. Even the Chancellor of the Exchequer, Philip Hammond, is worried. Capitalism is having a bad time of it. Conservatives, he said, should continue to make the case for the market economy — a model which had evolved “down the ages”. “This mission is urgent,” he stated recently. But why the urgency?

Karl Marx once remarked to Friedrich Engels, his lifelong friend and collaborator, that there were sometimes uneventful decades in which years passed as though they were just days. But, he added, “these may be again succeeded by days into which years are compressed”. The current period in Britain is like the latter. Events are moving at a blistering pace.