Deconstructing deglobalization: the future of trade is in intermediate services

Baldwin, Richard, Freeman, Rebecca and Theodorakopoulos, Angelos (2024) Deconstructing deglobalization: the future of trade is in intermediate services. Asian Economic Policy Review, 19 (1). 18 - 37. ISSN 1832-8105

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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.

Item Type:	Article
Official URL:	https://onlinelibrary.wiley.com/journal/17483131
Additional Information:	© 2023 The Authors
Divisions:	Centre for Economic Performance
Subjects:	H Social Sciences > HC Economic History and Conditions H Social Sciences > HB Economic Theory
JEL classification:	F - International Economics > F1 - Trade > F10 - General F - International Economics > F1 - Trade > F13 - Commercial Policy; Protection; Promotion; Trade Negotiations; International Trade Organizations F - International Economics > F1 - Trade > F15 - Economic Integration
Date Deposited:	29 Apr 2024 14:24
Last Modified:	12 Dec 2024 04:10
URI:	http://eprints.lse.ac.uk/id/eprint/122847

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