book review #may 2025
TAK-WING NGO, GLOBAL CHINA’S SHADOW EXCHANGE, 2024. Economic globalisation supposed to be the result of countries that trade products, benefitting from their comparative advantage. According to David Ricardo, trade in goods that one country produces more efficiently than the importing country would lead to greater welfare for all. Yet this foundational idea of having entire products made in one particular country is not today’s version of globalisation, as it instead relies on myriads of supply chains. These trade relations often persist beyond the regulatory realm of states, constituting an alternative reality to the WTO-led international economy. How can we understand networks that control commodity flows worth billions of U.S. dollars; and how do actors in…