Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Richard Baldwin, Rebecca Freeman, Angelos Theodorakopoulos *

*Corresponding author for this work

Research output: Contribution to journalReview articlepeer-review


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.

Original languageEnglish
Pages (from-to)18-37
Number of pages20
JournalAsian Economic Policy Review
Issue number1
Early online date10 Oct 2023
Publication statusPublished - Jan 2024

Bibliographical note

Copyright © 2023 The Authors. Asian Economic Policy Review published by John Wiley & Sons Australia, Ltd on behalf of Japan Center for Economic Research. This is an open access article published under the terms of the Creative Commons Attribution License [], which permits use, distribution and reproduction in any medium, provided the original work is properly cited.


  • F10
  • F13
  • F15
  • F60
  • deglobalization
  • intermediate services
  • intermediate trade
  • service-led development
  • services trade


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