The nature of globalization has changed but our thinking about globalization has not. The renowned economist Richard Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. This is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before-all of which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is also the driving force behind what Baldwin calls “The Great Convergence,” as Asian economies in particular 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 Secretary of the U.S. 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