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International trade and foreign direct investment (FDI), as well as other forms of cross‐border economic activities, are essential to globalization, even in the emerging era of neoglobalization as a unique balance between globalization and deglobalization. Despite the hype, globalization is a relatively new phenomenon. In the past few decades, international trade and FDI were largely regional in scope (Cantwell, Dunning, Rugman, 2003; Rugman Nambisan, Zahra, Shipilov Petricevic Teece, 2020; Witt, 2019; see Li, 2019 for a review).
Li et al. (Wed,) studied this question.
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