In the decades prior to the financial crisis, a radical belief in capitalism came to dominate economic ideas and became a pattern of social behaviour in many advanced economies, Bank of England governor Mark Carney argued as he addressed a conference on inclusive capitalism in London yesterday.

"All ideologies are prone to extremes. Capitalism loses its sense of moderation when the belief in the power of the market enters the realm of faith," Carney said.

His "core point", he said, is that,