Apple exemplified an era of global capitalism that has passed

WHEN TALKING about Apple, it is hard to avoid superlatives. It is the world’s most valuable firm, with a market value of $2.5trn. Over 80% of that has been amassed during the tenure of Tim Cook. No other chief executive has created more absolute value for shareholders. As he celebrates his tenth anniversary at the helm this week, he can look back with satisfaction. Instead of trying to imitate Apple’s co-founder, he took Steve Jobs’s creation and made it better and bigger. Much of that success has come from maintaining Apple’s record of innovation and its brand. But Mr Cook has also made the most of an era of open, globalised capitalism that is fading away. He plans to stay in charge for five years or more. How he deals with the new environment will form the next epic chapter in Apple’s story.