An Economist Best Book of the YearA Financial Times Best Economics Book of the YearA Fast Company “7 Books Microsoft CEO Satya Nadella Says You Need to Lead Smarter”Between 1820 and 1990, the share of world income going to today’s wealthy nations soared from twenty percent to almost seventy.Since then, that share has plummeted to where it was in 1900. As the renowned economist Richard Baldwin reveals, this reversal of fortune reflects a new age of globalization that is drastically different from the old. The nature of globalization has changed, but our thinking about it has not. Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. That is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before—which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion.It is the driving force behind what Baldwin calls “The Great Convergence,”