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The nature of globalization has changed but our thinking about globalization has not. The renowned economist Richard Baldwin argues that the New Globalization is driven by knowledge crossing borders, not just goods. This is why its impact is more sudden, more individual, more unpredictable, and more uncontrollable than before-all of which presents developed nations with unprecedented challenges as they struggle to maintain reliable growth and social cohesion. It is also the driving force behind what Baldwin calls "The Great Convergence," as Asian economies in particular catch up with the West.