I fear John Kay is right.
Refreezing though he's also right when he says:
[M]arkets operate successfully only when they were embedded in communities; that trust and co-operation are not antithetic to a market economy, but essential to it; that the driving force of innovation is pluralism and experiment, not greed and monopoly; that corporations acquire legitimacy only from the contribution they make to the societies in which they operate. In a column after the British election I will elaborate that philosophy.
I look forward to it.