India, April 2 -- For capital, it is the best of times and it is the worst of times. Rarely has it been wooed so assiduously and systematically by so many, and rarely has it been threatened with utter destruction by so few.

Donald Trump will leave a legacy in many domains but, arguably, his most abiding impact will be in remaking modern capitalism and shaking the foundations of the international economic architecture. Being in the middle of a historic moment makes it difficult, if not impossible, to judge it accurately. But make no mistake. Irrespective of the scope and durability of his tariff announcements, the profound importance of this moment in shaping how the world does business and makes money cannot be emphasised enough.

Shorn ...