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Prosperity and Resilience: Diverse Production and Comparative Advantage in Modern Economies
A common version of trade theory suggests that countries will specialise in a limited number of products. Using the example of David Ricardo from...
The Future of EU Leadership in the Car Industry: Still Global
Automotive is Europe’s key export industry, an important contributor to the EU economy, from balance of payments to employment, and a...
Services Trade Needs to be Taken as Seriously as Goods Trade
Services constitute at least a quarter of total trade. Between 2009 and 2019 global services trade increased by nearly 50%, compared to 18% for goods...
Free Trade Agreements Have Limited Impact (Because Manufactured Goods are a Perfect Market)
Free Trade Agreements between two or more countries or parties have been the centrepiece of international trade policy since the formation of the...
Regulating the Globalization of Data: Which Model Works Best?
Novel flows that define the future of globalization require new regulatory approaches, which are likely to differ between countries. So too for...
No, China Does Not Make Everything!
China is now the world’s leading manufacturer, with goods exports rising from $63 billion in 1990 to $2.5 trillion in 2018. The popular assumption...
Covid-19 and the Danger of Self-sufficiency: How Europe’s Pandemic Resilience was Helped by an Open Economy
During the Covid-19 pandemic, Europe has benefitted strongly from being an open economy that can access goods and services from other parts of the...
Global Trade Today is Global Value Chains
In the last 25 years global value chains have come to dominate global trade in a way surprisingly little discussed or understood. To meet the policy...
Global Trade Today: Five Basic Facts about Global Trade
There is a paradox in the global debate about trade. It has never been easier to trade internationally, but global trade is poorly understood....
Work for Others, not Yourself: Globalization, Protectionism and Europe’s Quest for Strategic Autonomy
Protectionism and mercantilism are yet again at the centre of global economic policy. “America First” is the guiding ethos in a good part of US...