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The State of Globalisation

The State of Globalisation brings together leading economists to examine how technology, policy, and geopolitics are simultaneously reshaping the global economy in unprecedented ways. Far from marking a simple retreat, today’s divergent forces are transforming cross-border trade, investment, and supply chains, generating both new risks of fragmentation and fresh opportunities for cooperation. Drawing on new research presented at a landmark conference, this volume explores how these drivers interact, the historical context that shapes them, and the pressing need for institutions to adapt to maintain an open and resilient global system.

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Baldwin, R and M Ruta (eds) (2025), ‘The State of Globalisation‘, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Baldwin, R and M Ruta (2025), ‘Introduction: Globalisation in flux‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Gopinath, G, P Gourinchas, A Presbitero and P Topalova (2025), ‘A new Cold War? How trade and investment linkages are changing‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Mulabdic, A and Y Yotov (2025), ‘The trade cost of geopolitical risks‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Li, N and R Zymek (2025), ‘Geoeconomic fragmentation in services? Evidence from a new database‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Freund, C, A Mattoo, A Mulabdic, M Ruta and K Wilczynska (2025), ‘Enduring dependence: De minimis, transshipment, and US-China trade‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Conteduca, F, M Mancini, G Romanini, S Giglioli, A Borin, M Attinasi, L Boeckelmann and B Meunier (2025), ‘Fragmentation and the future of global value chains‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Baquie, S, Y Huang, F Jaumotte, J Kim, R Machado Parente and S Pienknagura (2025), ‘Industrial policies: Handle with care‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Baba, C, R Giri, A Oeking and A Scott (2025), ‘Asia became the world’s factory – can it now be the world’s service hub?‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Mishra, P, L Rotunno, M Ruta, P Topalova and R Zymek (2025), ‘Policies to facilitate adjustment to globalisation‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Mattoo, A, M Ruta and R Staiger (2025), ‘Trade cooperation under geopolitical rivalry‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation

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Eichengreen, B (2025), ‘Globalisation, fragmentation, and the international monetary system‘, in Baldwin, R and M Ruta (eds), The State of Globalisation, CEPR Press, Paris & London. https://cepr.org/publications/books-and-reports/state-globalisation