There are many questions hanging over global financial markets, but none more pertinent, perhaps, than the following: will the global economy rebound in time to quell rising discontent among the millions of workers who have turned – violently in some cases – against capitalism? We believe markets have not adequately priced in the possibility of such disorder.

The capitalist global order was under attack even before the current crisis began, but the virulence against free enterprise has become more intense in the past year. And with the global economy in the midst of one of the deepest declines since the Great Depression, the backlash is bound to intensify.

That said, global equity markets have rebounded smartly over the past two months. By the end of last week, the S&P 500 Index had gained 37.8 per cent since March 9, while the MSCI Emerging Markets Index was up 50 per cent.