The formation of the coalition government in May introduced a new type of politics to the UK. Politicians from all parties have since been eager to promote their fairness credentials. From fair play to fair pay, the F-word has become a hot topic in these difficult and austere times.

That many of the current difficulties were caused by a financial crisis has led to calls in some quarters for a similar rethink of capitalism. The focus for these reforms, says Hutton, should also be on encouraging greater fairness.

More emphasis is needed on sustained innovation and what Hutton calls "productive entrepreneurialism", rather than casino banking and speculative financial trading.

As he concludes: "A new culture and spirit are required, in which public action, responsive engagement and a commitment to fairness combine with the genius of markets to drive us forward."

This is a well-researched, far-reaching and cogently argued call to arms. The coalition's good intentions will come to nothing without radical change in how we govern markets for the benefit of all.