People work hard and companies make big profits, but employees don't see that they share in the wealth they help to create.

Companies prefer to put money in the pockets of shareholders or to hoard cash rather than to raise wages or invest.

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.

The actual division of labor must be reflected in the division of the rewards (and prices, which is the way the consumer gets rewarded).

An interesting attribute of public banks is that they don't only de-risk the downside, but also get a share of the upside.

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.

Government support is not only investing in upstream areas like basic research, but also in downstream areas like applied research and early-stage financing for the companies themselves. This means there are great risks.