Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

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 o...

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Veröffentlicht in:	Asian economic policy review 2024-01, Vol.19 (1), p.18-37
Hauptverfasser:	Baldwin, Richard, Freeman, Rebecca, Theodorakopoulos, Angelos
Format:	Artikel
Sprache:	eng
Schlagworte:	Business to business commerce Deglobalisierung deglobalization Dienstleistungen Dienstleistungssektor/Tertiärer Sektor Economic policy Entwicklungsperspektive und -tendenz F10 F13 F15 F60 GDP Global Globalisierung Globalization Gross Domestic Product Gütermärkte intermediate services intermediate trade International trade Internationale Wirtschaftsbeziehungen Nachfrage nach Gütern und Dienstleistungen Services services trade service‐led development Wirtschaftszweige
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Beschreibung
Zusammenfassung:	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.
ISSN:	1832-8105 1748-3131
DOI:	10.1111/aepr.12440