| Abstrakt: |
A new metric developed by economists Sharat Ganapati and Woan Foong Wong contradicts the prevailing belief that globalization is in decline. While the dollar value of trade as a share of global output peaked in 2008 and has not recovered, Ganapati and Wong's metric, which measures the ton-kilometers of trade, shows that more goods are being transported over greater distances than ever before. This suggests that globalization may not be as dead as previously thought. The discrepancy between the value of trade and the volume of trade can be attributed to factors such as falling prices per ton and a shift towards cheaper goods. The growing volume of trade at greater distances highlights the world's continued dependence on global trade and the risks of supply-chain disruptions. [Extracted from the article] |
