Dani Rodrik writes:
I am not a fan such indices, but here is an index that is innovative in that it tries to measure not just economic globalization, but also “social” and “political” globalization. You can use the site to query the data base and generate your own custom tables and charts. Report back your favorite anomaly in the rankings…
One problem with such indices is that they lump together things that are conceptually distinct and which represent answers to different questions. For example, the economic globalization index is based both on the actual volumes of trade and investment and on measures of how restrictive policies are. Outcomes and policies are equally weighted.
Now, I can think of questions to which volumes of trade and investment are the answer (e.g. “how much of domestic consumption is sourced from abroad?”) and I can think of questions to which measures of policy are the answer (“how much has the government liberalized its trade regime?”). But I cannot think of any questions to which a weighted average of the two represents the appropriate answer.