One difference from 40 years ago is that then the aftershocks of the 1973-4 oil crisis and great inflation disoriented both left and right, eventually leaving the way open for the waves of neoliberalism since 1980; whereas now the left is clearly a lot more disoriented than the right – the crisis of neoliberal finance in 2008 did little to destabilise the right in most of the West, except in the USA where the Republicans have been having a psychotic episode ever since. Even there, though, the GOP’s deep divisions and instability haven’t led it to lose power in states and congressional districts.

The other difference from 40 years ago is that then the neoliberal insurgents had a fully worked-out ideology and programme that was a clear alternative to everything that had gone before. That is not true of Corbyn’s Labour, which is a very uneasy blend of backwards-looking trade unionism and would-be Podemos-style new leftism. Corbyn also has no story to tell about institutional lock-in. Would he campaign for a constitutional convention? I doubt it.

The other story that is emerging is that Corbyn’s win marks another step towards the break-up of the UK. He might well help UK leave the EU – in which case Scotland will vote for secession. And even if he doesn’t, if he proves to be a no-hoper in England, the SNP can claim union is pointless as it means permanent rule by the Tories.