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The first question to ask is: whoever said that it did? That notwithstanding, this is a fascinating read for all budding econo-globalisationistas ­– with the central argument that trade follows are already redefining the way the world is shaped.

The old triangle of the US, China and the EU is fading – the Latin American economy is now two-thirds the size of China’s; trade between the Asean bloc and the EU is significantly less than it was prior to the recession, but intra-Asean trade has risen 30% in the corresponding period; German exports to emerging markets will soon constitute some 70% of its external trade. These are just a few indicators of a world that is changing before our eyes – and many of us can’t even see it.

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