We have reached the end of an economic period, that of western-led globalisation, and a geopolitical one — the post-cold war “unipolar moment”. This is what I argued almost exactly a year ago. The question was whether the world would experience an unravelling of the US-created, post-second world war liberal order into deglobalisation and conflict, or a resurgence of co-operation. A year into the presidency of Donald Trump, we should return to this point. In brief, unravelling is even more likely.

Experience has underlined the special character of Mr Trump’s presidency. On a daily basis, he violates the behaviour and attitudes the world expects of a US president. But the exploitation of office for personal gain, indifference to truth and assault on institutions of a law-governed republic are all as one should have expected. A liberal democracy only survives if the participants recognise the legitimacy of other participants. A leader who calls upon his officials to prosecute erstwhile opponents is a would-be dictator, not a democrat.

Character is one thing; actions quite another. So far, Mr Trump has governed mainly as a traditional Republican “pluto-populist”, delivering policies to the plutocracy and rhetoric to his angered base. Yet his characteristics are still to be seen, in his consistently mercenary attitude to US alliances and narrowly mercantilist views of trade.