Globalization Isn’t Dead, But It’s Taking a Nap


The Wall Street Journal says that globalization is dead, killed on a rising tide of financial crisis, populism, and nationalist politics. Some threads of their evidence are more convincing than others, but a quick look at global trade shows that they have a point:

Since 2011, world trade (in both merchandise and services) has grown at a rate of about 0.8 percent per year. By 2014 it had barely recovered to its pre-recession high. That compares to a growth rate of over 17 percent per year in the first eight years of the century. Globalization may not be dead, but it’s definitely taking a nap.