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World War Trade

Conflict, Containment, and the Emergent World Trading Order

By Richard Baldwin

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“Richard Baldwin reviews what has happened and suggests where it is all headed in World War Trade (Centre for Economic Policy Research, 2026). As Baldwin notes: “The working assumption is no longer that trade and investment are safe by default, underwritten by American leadership and Chinese growth. The new assumption is that while World War Trade may go quiet for long stretches, the weapons will remain deployed. The old assumption that globalization is ‘safe by default’ is gone, permanently.”

Timothy Taylor Managing editor of the Journal of Economic Perspectives

“Globalization is not dying. It is being rebuilt. When the United States and China weaponized trade in 2025, many feared the collapse of the global economy. Markets plunged, supply chains fractured, and policymakers spoke openly of economic warfare. But the collapse never came.

In his new book, World War Trade, published by the Centre for Economic Policy Research, Richard Baldwin argues that the real story is not the conflict between superpowers but how the rest of the world responded. Through quiet restraint, strategic adaptation, and a wave of new trade agreements, countries representing the majority of global commerce prevented a 1930s-style breakdown. What has emerged is a new kind of globalization: less centralized, less US-led, but still deeply interconnected—a system shaped not by design but by the self-organizing forces of politics, economics, and necessity.”

The Peterson Institute for International Economics (PIIE)

Globalization is not dying. It is being rebuilt.

When the US and China weaponized trade in 2025, many feared the collapse of the global economy. Markets plunged, supply chains fractured, and policymakers spoke openly of economic warfare.

But the collapse never came.

In World War Trade, Richard Baldwin argues that the real story is not the conflict between superpowers, but how the rest of the world responded. Through quiet restraint, strategic adaptation, and a wave of new trade agreements, countries representing the majority of global commerce prevented a 1930s-style breakdown.

What has emerged is a new kind of globalization: less centralized, less US-led, but still deeply interconnected. A system shaped not by design, but by the self-organizing forces of politics, economics, and necessity.

This book offers a new way to understand global trade in an age of rivalry, and a clear-eyed view of what comes next.

Meet the author

Richard Baldwin

Professor of International Economics

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ISBN

978-1917343022

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Daniela Studer and the board of Flosser (Mini case)

By Jennifer Jordan and Ruth V. Aguilera
Case reference: IMD-2719 ©2026

Summary

Daniela Studer, a highly accomplished executive with a background in engineering and global leadership, now serves as the only woman on the board of Flosser, a niche construction materials company recently acquired by a larger public firm. Despite her expertise and a mandate to professionalize the board, Daniela finds herself struggling to influence the top management team. Dysfunctional dynamics that range from a lack of trust in the CTO to an exclusive relationship between the CEO and CFO threaten Flosser's performance and culture. Daniela's attempts to address these issues are met with resistance; her direct style, celebrated in her previous executive roles, is now seen as abrasive, and she is advised to be "gentler" in her board interactions. This case invites readers to reflect on the challenges of transitioning from an executive to a non-executive director role, a situation in which authority is more about influence than direct control. Daniela's dilemma – whether to confront the CEO directly, adapt her approach, or remain silent – raises critical questions: Is her struggle rooted in the inherent limitations of non-executive power, related to the entrenched culture of a family business or is there an element of unconscious gender bias? Does her experience as a minority on the board shape how her contributions are received, or is the resistance she faces more about her methods? Ultimately, the case challenges readers to consider what it truly means to lead from the boardroom, how to navigate complex interpersonal and organizational dynamics, and how gender and role expectations intersect to shape the effectiveness and credibility of board members.

Reference IMD-2719

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World War Trade

Meet the author

Richard Baldwin

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Les Echos

L’Express