Poor accountability and lax regulation allow firms to go all out for profit at society's expense, and the nexus of lobbyists, regulators and party donors hinders rational policy-making.

The irony is that the most vociferous lobby - the one with the most damaging long-term effects on ordinary people - might be ordinary people themselves. It would have taken a brave politician in the US or UK, for example, to put the brakes on a housing market that for many people was fuelling a prolonged period of growing prosperity. In such circumstances we might have to accept that for all science can tell us, we are at the mercy of the markets - and that means ourselves.

Even if science could provide better predictions of the financial system, change can only be implemented through well-run policies (Image: CNP / Rex Features)