An ugly EU referendum campaign has led to an even uglier aftermath. Historians will see the largest popular revolt against political, business and financial elites as the nearest Britain has come in centuries to a revolution. Unless we understand what lies behind it, protectionist forces will remain in the ascendant and the very existence of the UK in jeopardy.

The leaders of the Remain campaign failed to persuade the British people that, in an interdependent world, countries have to get the balance right between the autonomy they desire and the international co-operation they need. The hollowness of the slogan used by the Leave side and anti-globalisation protesters everywhere — “Take back control” — remained unexposed.

It is a simple truth that if the global economy appears leaderless, anti-globalisation movements will rise. Although millions know the costs of globalisation, few ever hear of the gains.