# Publications

##  Articles

[**Challenging the Deglobalization Narrative: Global Flows Have Remained Resilient Through Recent Shocks**](https://link.springer.com/article/10.1057/s42214-024-00197-0)
Steven A. Altman, Caroline R. Bastian, and Davis Fattedad, *Journal of International Business Policy*
We challenge the popular narrative that the world has entered a period of deglobalization, arguing that deglobalization is still a risk rather than a current reality. Drawing upon the DHL Global Connectedness Index, we show that international flows have not decreased relative to domestic activity, there is not an ongoing shift from global to regional business, and geopolitically driven shifts in international flows still primarily involve countries at the center of present conflicts. We propose policy and research implications, warning that misperceptions of deglobalization could themselves contribute to costly reductions in international openness.
*October 7, 2024*

[**The State of Globalization in 2023**](https://hbr.org/2023/07/the-state-of-globalization-in-2023)
Steven A. Altman and Caroline R. Bastian, *Harvard Business Review*
Three key questions lie at the heart of debates about whether global crises and escalating geopolitical tensions have begun to reverse globalization: Has the growth of cross-border trade, capital, information and people flows gone into reverse? Are geopolitical tensions fracturing the world economy into rival blocs? And is globalization giving way to regionalization? The answer to all three questions — despite evidence of U.S.-China decoupling — is still “no.”
(Also available in [Chinese (Simplified)](https://www.hbr-caijing.com/#/article/detail?id=480777), [Italian](https://www.hbritalia.it/homepage/2023/08/03/news/lo-stato-della-globalizzazione-nel-2023-15613/), and [Korean](https://www.hbrkorea.com/article/view/atype/ma/category_id/7_1/article_no/2099/page/1))
*July 11, 2023*

[**Don’t Overestimate Shifts from Globalization to Regionalization**](https://iap.unido.org/articles/dont-overestimate-shifts-globalization-regionalization)
Steven A. Altman and Caroline R. Bastian, *UNIDO Industrial Analytics Platform*
An assessment of trends in trade flows and expectations for the future.
*January 2023*

[**Trade Regionalization: More Hype than Reality?**](https://hbr.org/2022/05/trade-regionalization-more-hype-than-reality)
Steven A. Altman and Caroline R. Bastian, *Harvard Business Review*
Many expected the Covid-19 pandemic to turbocharge a long-run trend toward more regionalized trade patterns. But recent data suggest a more skeptical take on trade regionalization. Trade flows have stretched out over longer distances, even during the pandemic.
(Also available in [Chinese (Traditional)](https://www.hbrtaiwan.com/article/21248/trade-regionalization-more-hype-than-reality) and [French](https://www.hbrfrance.fr/strategie/non-le-commerce-nest-pas-devenu-regional-ces-dernieres-annees-60028))
*May 31, 2022*

[**The State of Globalization in 2022**](https://hbr.org/2022/04/the-state-of-globalization-in-2022)
Steven A. Altman and Caroline R. Bastian, *Harvard Business Review*
Global flows have surged back from declines at the beginning of the Covid-19 pandemic, only to face a new shock prompted by war in Ukraine. We offer our take on the latest developments in international trade, capital, information, and people flows.
(Also available in [Chinese (Traditional)](https://www.hbrtaiwan.com/article/21164/the-state-of-globalization-in-2022), [Japanese](https://www.dhbr.net/articles/-/8627), and [Korean](https://www.hbrkorea.com/article/view/atype/di/category_id/1_1/article_no/648))
*April 12, 2022*

[**Measuring Globalisation: Myths, Trends, and Variation across Countries**](https://www.google.com/books/edition/The_Routledge_Handbook_of_Diplomacy_and/sTlZEAAAQBAJ?hl=en&gbpv=1&dq=measuring%20glboalization%20routledge%20handbook%20diplomacy%20and%20statecraft&pg=PT411&printsec=frontcover)
Steven A. Altman and Caroline R. Bastian, Chapter in *Routledge Handbook of Diplomacy and Statecraft, 2nd. ed.*
Questions about the state and trajectory of globalization underpin many of the central debates about the future of diplomacy and statecraft. Is the world so deeply interconnected that foreign opportunities and threats increasingly drive developments within countries? Or is a globalized world fracturing along regional lines?
*February, 2022*

[**How Global Connections Can Brighten Europe's Future**](https://iby.imd.org/competitiveness/how-global-connections-can-brighten-europes-future/)
Steven A. Altman and Niccolò Pisani, *I by IMD*
Europe’s globalization advantages are often underappreciated. The resilience of global flows and Europe’s unique position in them can help European firms to get ahead.
*August 3, 2021*

[**Digital Globalization Boom: Pandemic Crutch or Springboard to the Future?**](https://www.dhl.com/global-en/home/about-us/delivered-magazine/articles/2021/issue-2-2021/digital-globalization-boom-pandemic-crutch-or-springboard-to-the-future.html)
Steven A. Altman, *Delivered.*
Digital information and data flows surged in 2020 as COVID-19 forced personal interactions to go online. But digital globalization is still limited, and this pandemic-era savior faces powerful threats.
*June 10, 2021*

[**How DHL Express Navigated the Pause — and Rebound — of Global Trade**](https://hbr.org/2021/05/how-dhl-express-navigated-the-pause-and-rebound-of-global-trade)
John Pearson and Steven A. Altman, *Harvard Business Review*
The stunning turnaround of international trade during the Covid-19 pandemic and the logistics operations behind it suggest three key lessons in resilience that run counter to conventional thinking.
(Also available in [Arabic, ](https://hbrarabic.com/%d8%b4%d8%b1%d9%83%d8%a9-%d8%af%d9%8a-%d8%a2%d8%aa%d8%b4-%d8%a5%d9%84-%d9%88%d8%a3%d8%b2%d9%85%d8%a9-%d8%a7%d9%84%d8%aa%d8%ac%d8%a7%d8%b1%d8%a9/)[Chinese](https://www.hbrtaiwan.com/article_content_AR0010479.html), [Japanese](https://dhbr.diamond.jp/articles/-/7786), [Korean](https://www.hbrkorea.com/article/view/atype/di/category_id/11_1/article_no/419/page/1), [Turkish](https://hbrturkiye.com/blog/dhl-express-kuresel-ticaretin-duraklama-ve-toparlanma-surecine-nasil-yon-verdi))
*May 18, 2021*

[**After Covid-19, could Europe come out a winner?**](https://www.lesechos.fr/idees-debats/cercle/opinion-lapres-covid-19-et-si-leurope-en-sortait-gagnante-1303315) (in French)
Steven A. Altman and Niccolò Pisani, *Les Echos*
As Europe confronts slow growth, high debt, and its shrinking share of the world economy, European multinationals should leverage the region’s formidable strengths to compete in an increasingly diverse but still intensively connected business environment.
*March 31, 2021*

[**The State of Globalization in 2021**](https://hbr.org/2021/03/the-state-of-globalization-in-2021)
Steven A. Altman and Caroline R. Bastian, *Harvard Business Review*
The latest data on trade, capital, information, and people flows show that global business is not going away, but the landscape is shifting, with important implications for strategy and management.
(Also available in Chinese [(Traditional)](https://www.hbrtaiwan.com/article_content_AR0010355.html) [(Simplified)](https://posts.careerengine.us/p/609878ce06bdb5026402a855?from=latest-posts-panel&type=title))
*March 18, 2021*

[**Will Covid-19 Have a Lasting Impact on Globalization?**](https://hbr.org/2020/05/will-covid-19-have-a-lasting-impact-on-globalization)
Steven A. Altman, *Harvard Business Review*
The pandemic is causing the steepest decline in international flows in modern history. Leaders should focus on five key drivers of globalization's trajectory.
(Also available in [Italian](https://www.hbritalia.it/speciale-gestire-le-crisi/2020/05/24/news/covid-19-avra-un-impatto-duraturo-sulla-globalizzazione-3978/), [Spanish](https://path.mba/tendra-covid-19-un-impacto-duradero-en-la-globalizacion/), [Portuguese](https://hbrbr.com.br/o-impacto-da-covid-19-na-globalizacao-perdurara/))
*May 20, 2020*

[**The Benefits of Globalization for North Korea's Economy and Negotiations with the U.S.**](https://www.nikkei.com/article/DGKKZO43470670Y9A400C1KE8000/) (in Japanese)
Steven A. Altman and Caroline R. Bastian, *Nihon Keizai Shimbun*
North Korea has extremely limited involvement in globalization from trade and investment to information and people. Looking at this point, it is clear why negotiations have been elusive.
*April 9, 2019*

[**The State of Globalization in a Fragile World** ](https://web.archive.org/web/20190701222110/https://delivering-tomorrow.de/the-state-of-globalization-in-a-fragile-world/)(in German)
Steven A. Altman, *Delivering Tomorrow*
Globalization has risen to the top of the political agenda in many parts of the world, but all too often, debates about connecting across borders have left us more divided within countries.
*February 12, 2019*

[**The State of Globalization in 2019, and What It Means for Strategists**](https://hbr.org/2019/02/the-state-of-globalization-in-2019-and-what-it-means-for-strategists)
Pankaj Ghemawat and Steven A. Altman, *Harvard Business Review*
To help business leaders navigate through—and even profit from—globalization’s turbulence, we offer recommendations for strategy (how to compete), presence (where to compete), architecture (how to organize), and non-market strategy (how to engage better with society).
(Also available in [Arabic](https://hbrarabic.com/%d8%a7%d9%84%d8%b9%d9%88%d9%84%d9%85%d8%a9-%d9%88%d9%85%d8%a7-%d8%aa%d8%b9%d9%86%d9%8a%d9%87-%d9%84%d9%84%d8%a7%d8%b3%d8%aa%d8%b1%d8%a7%d8%aa%d9%8a%d8%ac%d9%8a%d9%8a%d9%86/))
*February 6, 2019*

[**Five Myths About Globalization**](https://www.washingtonpost.com/outlook/five-myths/five-myths-about-globalization/2019/01/25/9e0d36e8-1f94-11e9-9145-3f74070bbdb9_story.html)
Steven A. Altman, *Washington Post*
The political crossfire over globalization has propagated a raft of myths. Here are five of the most prevalent—and the straight facts to correct them.
*January 25, 2019*

[**Globalization in the Year 2038: Change and Continuity**](http://www.stern.nyu.edu/experience-stern/faculty-research/globalization-year-2038-change-and-continuity)
Steven A. Altman, *Les Echos*
International success 20 years from now will likely require even stronger competitive advantages than it does today and even greater sensitivity to the cultural, political, and other types of differences that will continue to divide countries. [(Original, in French)](https://www.lesechos.fr/monde/enjeux-internationaux/0302360882282-steven-altman-ou-en-sera-la-mondialisation-dans-vingt-ans-2213348.php)
*October 13, 2018*

[**Strategies for Higher Education in the Digital Age**](http://journals.sagepub.com/doi/full/10.1177/0008125617717706)
Pankaj Ghemawat, *California Management Review*
This article analyzes online technology strategically from the perspective of traditional (face-to-face) providers of higher education. Analysis of current and projected relative positions explains why face-to-face providers need to take online technology seriously.
*August 7, 2017*

[**Globalization in the Age of Trump**](https://hbr.org/2017/07/globalization-in-the-age-of-trump)
Pankaj Ghemawat, *Harvard Business Review*
Today’s turmoil calls not for a mass retreat from globalization but for a more subtle reworking of multinationals’ strategies. This article examines common misperceptions about what is—and isn’t—changing about globalization and offers guidelines to help leaders decide where and how to compete in a complex world. ([Finalist for HBR McKinsey Award](https://www.hbs.edu/news/releases/Pages/sadun-wins-hbr-mckinsey-award-for-best-article.aspx))
*July–August Issue, 2017*

[**(Anti)Globalization and Higher Education**](http://bized.aacsb.edu/articles/2017/07/anti-globalization-and-higher-education)
Pankaj Ghemawat and Caroline R. Bastian, *BizEd, published by AACSB International*
Exaggerations about the globalization of higher education seem to have led to complacency. In today's turbulent climate, it's more crucial than ever for business schools to pursue and promote globalization in their programs.
*July 3, 2017*

[**Southeast Asia's Globalization Outperformers**](https://asia.nikkei.com/Viewpoints/Pankaj-Ghemawat-and-Phillip-Bastian/Southeast-Asia-s-globalization-outperformers?page=1)
Pankaj Ghemawat and Caroline R. Bastian, *Nikkei Asian Review*
While few observers would be surprised that Singapore is one of the world's most globalized countries, it may raise some eyebrows that the city-state's Southeast Asian neighbors Cambodia, Vietnam and Malaysia also stand out relative to what might be expected of them.
*March 29, 2017*

[**Figuring Out Which Companies and Industries Will be Most Damaged by Brexit**](https://hbr.org/2017/03/figuring-out-which-companies-and-industries-will-be-most-damaged-by-brexit)
Pankaj Ghemawat, *Harvard Business Review*
In an op-ed, Professor Pankaj Ghemawat discusses Brexit's potential economic impact.
*March 29, 2017*

[**Globalization: Myth and Reality**](https://hbr.org/ideacast/2017/02/globalization-myth-and-reality.html)
Interview with Pankaj Ghemawat, *Harvard Business Review*
Pankaj Ghemawat, professor at NYU Stern and IESE business schools, debunks common misconceptions about the current state and extent of globalization. (Hint: the world is not nearly as globalized as people think.)
*February 24, 2017*

[**Is America enriching the world at its own expense? That's globaloney.**](https://www.washingtonpost.com/posteverything/wp/2017/02/03/globaloney/)
Pankaj Ghemawat and Steven A. Altman, *Washington Post*
The United States is far less buffeted by international trade, immigration and other aspects of globalization than many Americans assume; the whole world is far less globalized than people tend to believe. And policies rooted in overestimating globalization — “globaloney” — could harm the people they purport to protect.
*February 3, 2017*

[**Trump, Globalization, and Trade's Uncertain Future**](https://hbr.org/2016/11/trump-globalization-and-trades-uncertain-future)
Pankaj Ghemawat, *Harvard Business Review*
Donald Trump’s election to the presidency of the United States makes Brexit look like a hiccup. As Nigel Farage, the leader of the UK Independence Party, put it, the election of Trump is “Brexit times three.” This new reality will require businesses to rethink globalization, starting with the aspects Trump is most critical of.
*November 11, 2016*

[**The EU Needs to Make Sure Continental Countries Don't Exit**](https://hbr.org/2016/06/the-eu-needs-to-make-sure-continental-countries-dont-exit)
Pankaj Ghemawat, *Harvard Business Review*
The votes are in and the immediate reactions to Brexit have not been positive. Global stock markets promptly floundered. The British pound tanked. And HBO had to reassure viewers that production of Game of Thrones, some of which is shot in Northern Ireland, would not be interrupted.
*June 28, 2016*

[**People Are Angry About Globalization. Here's What to Do About It.**](https://hbr.org/2016/11/people-are-angry-about-globalization-heres-what-to-do-about-it)
Pankaj Ghemawat, *Harvard Business Review*
The U.S. is in the midst of a presidential campaign in which both candidates have adopted antitrade stances and one has taken a frankly xenophobic, isolationist stance. The UK has voted to leave the European Union. Much of continental Europe is convulsed with similar combinations of disaffection, protectionism, and, in some cases, nationalism and even racism that have morphed into a more-or-less generalized anger against globalization.
*November 4, 2016*

[**Emerging Economies: Differences and Distances**](https://documents.aib.msu.edu/publications/insights/v16n4/v16n4_Article2.pdf)
Pankaj Ghemawat and Steven A. Altman, *AIB Insights*
Despite the recent emerging market slowdown, the IMF still projects emerging economies to deliver 72% of global growth from 2015 to 2020. In this short article, the obvious differences between emerging and advanced economies are discussed to present a more holistic characterization of these important—but often misunderstood—parts of the world.
*Vol. 16, No. 4, January 2016*

[**Beyond Brexit: An Initial Analysis and Questions for the AIB Community**](/sites/default/files/assets/documents/Beyond%20Brexit.pdf)
Pankaj Ghemawat, *AIB Insights*
The United Kingdom voted to leave the European Union the week before the 2016 AIB Annual Meeting. It occurred to me that it would be a shame if the meetings afforded no opportunity to discuss one of the most shocking international policy developments of the last few years—or decades.
*Vol. 16, No. 3, 2016*

[**How Global Are the World’s Largest Contractors?**](https://www.enr.com/articles/38136-how-global-are-the-worlds-largest-contractors)
Pankaj Ghemawat and Caroline R. Bastian, *ENR Engineering News-Record*
The ENR Top 250 International Contractors survey provides an annual snapshot of the cross-border activities of the world’s largest contractors. We take a longer perspective, using data from the 2005-15 surveys to analyze the globalization of the world's largest contractors.
*December 3, 2015*

[**How Globally Connected is S'pore?**](https://www.businesstimes.com.sg/opinion/how-globally-connected-is-spore)
Pankaj Ghemawat and Steven A. Altman, *The Business Times*
Correcting misperceptions about the depth of globalization is important, because greater depth is associated with faster economic growth.
*October 29, 2015*

[**Tsipras and Putin: Does Greece Have a Russia Option**](https://www.theglobalist.com/greece-eu-russia-debt-crisis-euro/)
Pankaj Ghemawat and Caroline R. Bastian, *The Globalist*
Some analysts have put forward the scenario that Greece will be abandoned by the European Union and fall into the mouth of Russia, but getting closer to Moscow runs counter to Greece's economic interests.
*July 30, 2015*

[**How Global is Your C-Suite**](http://www.stern.nyu.edu/sites/default/files/assets/documents/How%20Global%20Is%20Your%20C%20Suite_0.pdf)
Pankaj Ghemawat and Herman Vantrappen, *MIT Sloan Management Review*
Despite globalization, the vast majority of the world’s largest corporations are run by CEOs native to the country in which the company is headquartered. But more executive diversity at the top is sorely needed — and will require sweeping changes in how companies are organized.
*Vol. 56, No. 4, Summer 2015*

[**Making Sense of Globalization**](https://www.strategy-business.com/article/00298?gko=fab39)
Pankaj Ghemawat and Steven A. Altman, *Strategy+Business*
The DHL Global Connectedness Index, now in its third edition, shows that not all flows of trade, capital, information, and people are alike.
*Issue 78, Spring 2015/November 3, 2014*

[**India's Globalization Imperative**](https://www.businesstoday.in/magazine/cover-story/globalisation-in-india-foreign-trade-investment-fdi/story/213480.html)
Pankaj Ghemawat and Steven A. Altman, *Business Today*
Few countries have more to gain from a greater integration with the rest of the world. Indeed, many fears about it within India seem exaggerated.
*January 4, 2015*

[**Globalization is back—but it looks different**](https://www.cnbc.com/2014/11/18/globalization-is-backbut-it-looks-differentcommentary.html)
Pankaj Ghemawat and Steven A. Altman, *CNBC*
Is it the best of times or the worst of times for globalization? Some exult over hyperglobalization; others worry whether globalization is "over."
*November 18, 2014*

[**India Slips to 71 Rank in 2014's Global Connectedness Index**](https://economictimes.indiatimes.com/blogs/et-commentary/india-slips-to-71-rank-in-2014s-global-connectedness-index/)
Pankaj Ghemawat and Steven A. Altman, *The Economic Times*
Where does India really stand on globalisation? And even more importantly, where should India stand?
*November 4, 2014*

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![The New Global Road Map cover](/sites/default/files/styles/480w_x_361h/public/assets/images/book_1_0.png?h=d665d9bf&itok=Ut3OVDta)

##  The New Global Road Map: Enduring Strategies for Turbulent Times

by Pankaj Ghemawat

Pankaj Ghemawat separates fact from fiction by giving readers a better understanding of the key trends affecting business around the globe.

[Read More](https://store.hbr.org/product/the-new-global-road-map-enduring-strategies-for-turbulent-times/10172?sku=10172-HBK-ENG)

![Redefining Global Strategy, with a New Preface: Crossing Borders in a World Where Differences Still Matter cover](/sites/default/files/styles/480w_x_361h/public/assets/images/book_3.png?h=d665d9bf&itok=FCuS4h0c)

##  Redefining Global Strategy, with a New Preface: Crossing Borders in a World Where Differences Still Matter

by Pankaj Ghemawat

Why do so many global business strategies fail? Because a one-size-fits-all strategy no longer stands a chance. Using in-depth examples, Ghemawat reveals how companies such as Cemex, Toyota and IBM are managing cross-border differences.

[Read More](https://hbr.org/product/redefining-global-strategy-with-a-new-preface-crossing-borders-in-a-world-where-differences-still-matter/10203E-KND-ENG)

![The Laws of Globalization and Business Applications cover](/sites/default/files/styles/480w_x_361h/public/assets/images/book_3-2.png?h=470f677f&itok=wIQ8TRLU)

##  The Laws of Globalization and Business Applications

by Pankaj Ghemawat

The Laws of Globalization and Business Applications provides a rigorous but readable data-driven discussion of globalization at the world, country, firm, and industry levels.

[Read More](http://www.cambridge.org/us/academic/subjects/management/international-business/laws-globalization-and-business-applications?format=PB&isbn=9781316615027)

![World 3.0 cover](/sites/default/files/styles/480w_x_361h/public/assets/images/book_4.png?h=470f677f&itok=gx4hfOKx)

##  World 3.0: Global Prosperity and How to Achieve It

by Pankaj Ghemawat

Reeling from the most brutal impacts of the recession, governments, economies, and societies everywhere are retrenching and pushing hard for increased protectionism. That's understandable, but it's also dangerous, maintains global economy expert Pankaj Ghemawat in "World 3.0".

[Read More](https://store.hbr.org/product/world-3-0-global-prosperity-and-how-to-achieve-it/12314)