By TOM CAMPBELLThe world’s leading industrial powers have been in talks about a “new global order” that includes the European Union.
But a new study shows that globalisation is not working.
The authors, led by a Princeton economist, conclude that the global economy has been getting smaller, and it is the result of a combination of factors, not a single policy.
They point to countries that have gone from “major economies” to smaller ones, and to countries where the economy has fallen back on manufacturing, a trend they attribute to trade barriers.
The authors warn that “the world’s economies may need to adjust their global structure to a degree to maintain global integration.”
This story is part of the GlobeScan initiative, a collaboration of the WSJ and other news organizations.
The article appears in the March 11 issue of The Wall St. Journal.
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