Private-equity nabobs bristle at being dubbed mere financiers. Piling debt onto companies’ balance-sheets is only a small part of what leveraged buy-outs are about, they insist. Improving the workings of the businesses they take over is just as core to their calling, if not more so. Much of their pleading is public-relations bluster.

After all, it is undeniable that the B.R. standard coach scored highly in comparative trials with other European railway vehicles on the Continent a few years ago, so that B.R. civil engineers must share responsibility for any defects in its behaviour over here.

On October 6, 1927, Warner Bros. released The Jazz Singer, the first sound-synched feature film, prompting a technological shift of unprecedented speed and unstoppable force. Within two years, nearly every studio release was a talkie.

Some rights are more global than others; social rights in particular do not seem to globalise easily.