Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Richard Baldwin · Rebecca Freeman · Angelos Theodorakopoulos

76 citations0/0 files storedAsian Economic Policy Review

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Global trade and economics Global trade, sustainability, and social impact Globalization, Economics, and Policies

Abstract

Abstract This article contests the idea that the world has entered a post‐globalization era. It argues that rapid globalization has evolved rather than ended. Even though the global goods trade‐to‐GDP ratio reached its zenith 15 years ago, the rapid rise of services trade has persisted and now accounts for one‐fifth of international commerce. The paper makes a statistical and logical case that the future of trade lies in services trade—especially trade in intermediate services.

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References

2016The Great Convergence 2011The globalization paradox: democracy and the future of the world economy 2006What's So Special about China's Exports?2006The Gravity Equation in International Trade in Services 2022Risks and Global Supply Chains: What We Know and What We Need to Know 2025Global supply chains : why they emerged, why they matter, and where they are going 2009Trade in Intermediate Goods and Services 2019World Trade Report 2019

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