The Return of Globalization
As the G-20 finance ministers gather in South Korea this weekend in advance of November's big meeting, they will surely notice that globalization is back -- almost. The trajectory of world trade over the last two years looks V-shaped: a drop of 12.2 percent in 2009 followed by a projected gain of 13.5 percent in 2010. Cross-border financial flows are recovering: After more than halving from $1.3 trillion in 2007 to $500 billion in 2009, net portfolio flows to emerging markets will rise to some $700 billion this year. Global foreign direct investment is soaring to $1.2 trillion this year, after plunging from $2 trillion in 2007 to $1 trillion in 2009.
For the full article, see Foreign Policy here.