James Graham’s new play about Royal Bank Of Scotland’s disgraced former CEO brings levity and some magic tricks to what could easily have been a turgid affair. Graham’s smart treatment of Fred Goodwin’s grandiose greed finds fun in its discussion around the ethics of capitalism. ‘Fred The Shred’s empire crumbles, exposing shady and shadowy banking practices that allowed him to run RBS almost completely into the ground. Beneath the bank’s prestigious offices at Gogarburn, a secret underworld was operating. The metaphor works well for Edinburgh, famous for murkier goings-on beneath its well-to-do veneer, in both literature and life.

Make It Happen is both a global and hyperlocal story. It’s well played for Edinburgh International Festival audiences, where on-point jokes about Fingers Piano Bar and the New Town all land just where they should for folks living here. Plus visiting crowds get to see the major role that Scotland played in the bigger financial crisis.

As freshly appointed Fred (Sandy Grierson) gets a tour round his new workplace, he’s warned that the Edinburgh staff is conservative and apolitical; perfect conditions, perhaps, for doing unconscionable things without interference. Enter Brian Cox, playing the ghost of economist and moral philosopher Adam Smith, to prick whatever might exist of Goodwin’s conscience. It’s been ten years since the 79-year-old Succession star stomped the boards in Scotland, and this production allows him an early moment to bask in applause by cleverly casting him as the actor Brian Cox.

He returns in puffs of smoke as Smith, explaining how Goodwin misread his famous texts, leaving out compassion, fiscal discipline and improving society. It’s a musical comedy, a surprisingly effective way to offset some of the subject matter’s inherent dourness. Just as the songs border on overkill (a Greek-style chorus sing noughties covers of The Killers and Adele), and smug fat cats ride a party wave before their downfall, Smith and Goodwin join in a delicious karaoke duet of ‘Especially For You’: preposterous and perfect.

Anna Fleischle’s set design and Angelica Rush’s costumes keep us locked in the corporate bubble, leaving only briefly to visit PM Gordon Brown or Chancellor Alistair Darling. Everyday people are conspicuously absent: the humans who would be devastated by subsequent austerity measures are not seen by Goodwin, portrayed as a boring yet abrasive leader, laser-focused on acquisition. Goodwin’s career began in the 80s when Reagan and Thatcher made many believe that corporate profit would lead to public good. A dressing down from a retired teacher (Ann Louise Ross) feels like well-deserved comeuppance, albeit way too late.

Make It Happen, Festival Theatre, until Saturday 9 August, times vary; main picture: Marc Brenner.