This year’s week-long gabfest in the Alpine resort of Davos, which kicks off on Monday, will be held under the banner: “A Call for Collaboration in the Intelligent Age”.

Given that it will open as Donald Trump is inaugurated with a promise to jack up import tariffs, trash the Paris climate agreement and put an anti-vaxxer in charge of the US health system, hopes of either collaboration or intelligence being much on display in 2025 appear bleak.

But in the eight years since May gave that speech, in the long shadow cast by the Brexit vote, many aspects of the liberal, pro-globalisation consensus that sustained “Davos man” (and woman) have fallen away.

Free trade is no longer regarded as an unquestioned positive, while the Covid pandemic shutdowns and war in Ukraine have underlined the risks of complex global supply chains.