India, April 10 -- A few days ago, I asked a senior executive of one of the largest importers of raw materials a pertinent question. How does his firm manage to show higher profits, quarter after quarter, whether the input prices go up or down, many times dramatically in this disruptive world? His answer was intuitive, and counterintuitive. "We have an entire team, like a mini-firm, whose only job is to procure inputs at the cheapest possible prices from anywhere in the world," he replied nonchalantly. In effect, the firm houses a mini-national external affairs ministry, or manages a diplomatic think tank that is possibly larger than most nations.

Over the past few years, as trade, tariffs, wars, assets, commodities, bullion, and bonds c...