Paschal Donohoe has been thinking a great deal about the nature of capital in recent times – how it mutates like a virus, swirling and evolving as society advances. A generation ago, capital was easy to define and simple to understand. It was the roads of a country, or the schools of a town. It was the factory on the company’s balance sheet, or the engines and machines of old-style commerce. It was a palpable thing, a physical, demonstrable manifestation of wealth. But now, Donohoe is just not sure. The axis has deviated too much. Capital has strayed from physical…

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