At a time when globalization is taking a step backward, what’s the best way to organize a global enterprise? The key, explains political economist Steven Weber, is to prepare for a world increasingly made up of competing regions defined by their own rules and standards.

Globalization has taken a hit as trade wars and resistance to mass migrations dominate headlines. Are we returning to the old world of stand-alone nations? Political economist Steven Weber argues that we are heading toward something new. Global connectedness will not dissolve but will be defined by “regional” blocs, demarcated more by the rules and standards they follow than by territory. For leaders of firms and NGOs with global ambitions, navigating this transformation is the strategic challenge of the decade.

Not long ago, we thought the world was flattening out, offering a level playing field to organizations striving for worldwide reach. As global economic governance expanded, firms shifted operations to wherever was most efficient—designing in one country and buying, manufacturing, and selling in others. Today, the world looks bumpier, with rising protectionism, national struggles over data control, and tensions over who should set worldwide standards. Expect emerging regional blocs to be dominated by the major rule-makers: the US, China, and possibly the EU. Firms and NGOs will need to remake themselves by building complete, semi-independent organizations in each region. Every nation will choose which rule-maker it wants to align with, and it may not be the one next door. This new world has the potential to be more prosperous, Weber argues, but friction between the dynamics of geography and technology will make it more risky.

Pioneering research, creative thinking, and colorful storytelling from the frontlines of the global economy combine to make this a must-read for leaders and analysts facing tomorrow’s world.

An Economist Best Book of the Year
A Financial Times Best Economics Book of the Year
A Fast Company “7 Books Microsoft CEO Satya Nadella Says You Need to Lead Smarter”

Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from twenty percent to almost seventy. Since then, that share has plummeted to where it was in 1900. As the renowned economist Richard Baldwin reveals, this reversal of fortune reflects a new age of globalization that is drastically different from the old. The nature of globalization has changed, but our thinking about it has not.

Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. That is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before—which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is the driving force behind what Baldwin calls “The Great Convergence,” as Asian economies catch up with the West.

“In this brilliant book, Baldwin has succeeded in saying something both new and true about globalization.”
—Martin Wolf, Financial Times

“A very powerful description of the newest phase of globalization.”
—Larry Summers, former U.S. Secretary of the Treasury

“An essential book for understanding how modern trade works via global supply chains. An antidote to the protectionist nonsense being peddled by some politicians today.”
—The Economist

“[An] indispensable guide to understanding how globalization has got us here and where it is likely to take us next.”
—Alan Beattie, Financial Times