Globalization is widely misinterpreted. In particular Its quantitative extent and novelty are exaggerated. This article aims to put the facts in historical and statistical perspective. It criticizes the use of inappropriate statistical measures, conclusions drawn from little data, and the failure to make historical comparisons, or to see counter-globalization tendencies and limits to globalization. The best measures suggest that globalization is neither so new nor so great as is often supposed. The political implications of this argument are briefly explored.
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