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  • TIME

    Has the world reached peak trade?

    by RANA FOROOHAR Oct 15, 2016 3 minutes
    Digital globalization may yet offer a new paradigm for global trade

    GLOBALIZATION IS USUALLY DEFINED as the free movement of people, goods and capital. It’s been the most important economic force of modernity. Until the financial crisis of 2008, global trade grew twice as fast as the global economy itself. Yet, thanks to both economics and politics, globalization as we have known it is changing fast.

    Statistics tell the story: According to the World Trade Organization, average global trade flows grew around 10% a year from 1949 to 2008. But those numbers slumped to 1.3% from 2009 to

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