While infrastructure is of course important, it must be part of a bigger vision. The point is not to simply dig ditches but to steer those investments towards transformational growth.

In my view, the state should be active and work in cooperation with private businesses to spur growth that's sustainable and inclusive. The policy process is about co-creating and co-shaping of markets, creating new opportunities for business investment - and negotiating a better deal for the public too.

With a Trump administration we don't know enough yet to make predictions, but if past behavior is any indication, I am not encouraged.

What is needed is both a New Deal in terms of mission-oriented investments but also a new deal in terms of a modern social compact - one that allows the state to socialize not only risks but also rewards. Maybe then innovation-led growth will also become growth that includes all of us.

If we look at the complexity of the challenges facing western societies today, we see that the problems are not really about outsiders, but have their roots much closer to home.

Our current model of capitalism and the dominant ideas in policy making have led to a failure of investment by both the public and the private sector in the things that drive productivity, and which affect its distribution.

My specific concerns with Trump's plans are that they are likely to investments in infrastructure where the private returns are highest (for example toll roads and bridges) rather than where the public gains are greatest.