Experience Stern | Faculty & Research

Excerpt from Politico -- "Pankaj Ghemawat of IESE Business School in Barcelona has estimated that foreign direct investment accounts for only 9 percent of all fixed investment worldwide. What is more, examining private finance alone is misleading. Many countries have public development banks, including export-import banks like America’s, whose mission is to promote national infrastructure development or to finance foreign sales of national companies. These embody statist mercantilism, the opposite of liberal globalization. Ghemawat and his colleagues have created a DHL Global Connectedness Index, which calculates that global connectedness is in decline—partly because of the rise in regionalism noted above."

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