It was only a matter of time before Apple issued a credit card. The world’s first company to reach a $1tn market value has more cash on hand and more global reach than most banks, so why shouldn’t it act like one? The move, which is in partnership with Goldman Sachs, is something that many of its shareholders have long advocated. Carl Icahn, who dumped the stock a few years ago over concerns about the company’s China sales, told me Apple should be a bank way back in 2013. But it is also an example of a market trend known as financialisation.

That is a wonky term used mostly by academics to describe the rise of finance and financially-oriented behaviour throughout our economy. This catch-all covers everything from criticisms that companies are prioritising value for shareholders, to claims that some executives are manipulating balance sheets to boost their short-term results. It also takes in companies that focus more on finance than their core businesses and those that load up on corporate debt. The trend is ubiquitous.