The populists will undoubtedly be able to claim some big victories in the coming years. In America Mr Trump could succeed in persuading companies to bring home billions of dollars that sit abroad by means of a tax holiday and a lower tax rate. In Britain one-off deals with multinationals on the model of the one recently struck with Japan’s Nissan will produce warm feelings on the part of business. A bonfire of regulations will delight small firms. But all the while, uncertainty will pull in the opposite direction. Cash piles will mount. Plant and equipment will age and ossify. The likes of Mr Lott will get richer and more self-satisfied. The age of uncertainty will also be an age of self-reinforcing evils.