An unknown and unexpected event that challenges every certainty and every assumption, leads to apocalyptic visions. The credit crunch has produced a large number of prognoses to the effect that now things will be completely different. If they are not different, then at least they should be.

The world’s most distinguished former central banker, Paul Volcker, whose reputation is continually rising while that of his successor falls, in a recent speech in New York said: “The bright new financial system – for all its traditional participants, for all its rich rewards – has failed the test of the marketplace.” Chief executive of Deutsche Bank, Josef Ackermann, said: “I no longer believe in the market’s self-healing power.” According to this consensus, late 20th century, finance-driven globalisation has come to an end.