On a tide of populism we have experienced Brexit and now, with a gasp of disbelief, the election victory of Donald Trump. Liberal Democracy R.I.P? Possibly.

But we should not really be surprised. Trump’s popularity was trending upwards far more than his manifest lack of suitability for the presidential role should have allowed (hence my desire to campaign for Hillary Clinton on a recent business trip to the US) and the reasons he succeeded are clear.

It was for the same reasons that Britain voted to leave Europe. As I have written before, globalism has disenfranchised many voters and not only issues such as immigration but the increasing disparity of wealth is fueling discontent. (E.g. FTSE CEO’s pay up 10% in 2015, wages largely stagnant in the US since the 1970’s, 75% of the wealth held by the top 10% … etc).

The signals from democratic elections are a stark warning. We operate in global markets. The capitalist system as a whole, upon which liberal democracy resides, owes it to voters to be more accountable, meeting the needs of society as a whole.

So correcting short termism in markets, from company behaviour and the actions of asset managers, to the needs of asset owners, is a start. It will help ease some of the current tensions between business and society, reversing the tide of populism. Aligning more closely the interests of all major stakeholders; employees, shareholders, suppliers, customers, creditors, communities, the environment is a crucial initial step and the sensible parts of the media are already on the case.

A while ago you would have become a millionaire if you had bet £1.00 on Leicester winning the Premier League, Brexit and a Trump victory. Odds on Marine Le Pen winning the presidential election in France are now 7/4. Liberal Democracy R.I.P? Possibly. For so many reasons you, will miss it if it goes.