Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Richard Baldwin, Rebecca Freeman and Angelos Theodorakopoulos

Asian Economic Policy Review, 2024, vol. 19, issue 1, 18-37

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.

Date: 2024
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https://doi.org/10.1111/aepr.12440

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Working Paper: Deconstructing deglobalization: the future of trade is in intermediate services (2024)
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Asian Economic Policy Review is currently edited by Takatoshi Ito, Akira Kojima, Colin McKenzie and Shujiro Urata

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