Since more or less the dawn of time, the British have loved to present themselves as that bit better – and better-off – than their counterparts overseas. Back in the 19th century, Gustave Flaubert's not entirely sincere definition for Englishmen in his satirical Dictionary of Received Ideas was: "Tous riches". Yet at the same time, there has been a perennial strain of national insecurity, a worry that we are being eclipsed by other, better-organised nations.
To see this tension in action, consider the events of the past few weeks. The disaster in the Gulf of Mexico has dealt a colossal blow to the prestige of British business, with President Obama spitting tacks, Union flags practically being burnt in the streets of Louisiana, and the firm's share price – and many of our pension pots – plummeting. Prudential, which launched an audacious raid on the Asian business of fallen giant AIG, has seen its plans fall apart amid a humiliating shareholder revolt.
