Rethinking capitalism means rethinking the role of the public sector, the role of the private sector, the role of finance, and the relationship between them all.

Another similarity of Brexit and Trump's campaigns was an attack on so-called elites. This is not so much a failure of capitalism as of its high priests in the economic profession, for which we must all take some responsibility.

As a businessman, Donald Trump has been associated with some of the worst excesses of a particular style of value-extracting and asset stripping capitalism: set up businesses, let them fail, avoid paying suppliers, use bankruptcy laws to avoid taxes for decades, then set up another business somewhere else. It is this model that is the cause of many problems we see today.

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.

The globalized nature of production and innovation means that the benefits don't necessarily stay in the country where the investments are made.

Brexit and Trump have brought the problems of capitalism into sharp relief, but both are only making things worse. Take the investment challenge - businesses invest where there they see technological or market opportunity.

I often use the iPhone as an example of how governments shape markets, because what makes the iPhone ‘smart’ and not stupid is what you can do with it. And yes, everything you can do with an iPhone was government-funded. From the Internet that allows you to surf the Web, to GPS that lets you use Google Maps, to touch screen display and even the SIRI voice activated system - all of these things were funded by Uncle Sam through the Defense Advanced Research Projects Agency (DARPA), NASA, the Navy, and even the CIA!