In The Wealth of Nations, legendary economist Adam Smith had written about the genesis of a new form of human activity, popularly known as industrial capitalism, which changed the role of the state with respect to the society. It was perceived as the solution for global hunger and poverty. Over the last two centuries, its proponents claim that it has brought significant sections of the population out of poverty. The recent global events, however, have revealed its underbelly. The Covid-19 pandemic and the resultant economic fallout have highlighted the limits of an increasingly globalised world order. Just when the world was beginning to get used to the “new normal”, the Russia-Ukraine war has cast another shadow on the global economic recovery this year, with experts saying that the biggest impact of the war will be on Europe.