Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Richard Baldwin; Rebecca Freeman; Angelos Theodorakopoulos

doi:10.1111/aepr.12440

Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Richard Baldwin, Rebecca Freeman, Angelos Theodorakopoulos ^*

^*Corresponding author for this work

Economics, Finance and Entrepreneurship

Research output: Contribution to journal › Review article › peer-review

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.

Original language	English
Pages (from-to)	18-37
Number of pages	20
Journal	Asian Economic Policy Review
Volume	19
Issue number	1
Early online date	10 Oct 2023
DOIs	https://doi.org/10.1111/aepr.12440
Publication status	Published - 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 [https://creativecommons.org/licenses/by/4.0/], which permits use, distribution and reproduction in any medium, provided the original work is properly cited.

Keywords

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

Access to Document

10.1111/aepr.12440

Asian Economic Policy Review - 2023 - Baldwin - Deconstructing Deglobalization The Future of Trade Is in Intermediate
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 [https://creativecommons.org/licenses/by/4.0/], which permits use, distribution and reproduction in any medium, provided the original work is properly cited.
Final published version, 668 KBLicence: CC BY 4.0

Cite this

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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.",

keywords = "F10, F13, F15, F60, deglobalization, intermediate services, intermediate trade, service-led development, services trade",

author = "Richard Baldwin and Rebecca Freeman and Angelos Theodorakopoulos",

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KW - F15

KW - F60

KW - deglobalization

KW - intermediate services

KW - intermediate trade

KW - service-led development

KW - services trade

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Deconstructing Deglobalization: The Future of Trade is in Intermediate Services

Abstract

Bibliographical note

Keywords

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