Data is now at the center of global trade. For decades, international trade in goods and services set the pace of globalization. After the global financial crisis, however, growth in trade plateaued, and in its place came an explosion of cross-border data flows. Measured by bandwidth, cross-border data flows grew roughly 112 times over from 2008 to 2020.The global economy has become a perpetual motion machine of data: it consumes it, processes it, and produces ever more quantities of it. Digital technologies trafficking in data now enable, and in some cases have replaced, traditional trade...…Data is now at the center of global trade. For decades, international trade in goods and services set the pace of globalization. After the global financial crisis, however, growth in trade plateaued, and in its place came an explosion of cross-border data flows. Measured by bandwidth, cross-border data flows grew roughly 112 times over from 2008 to 2020.The global economy has become a perpetual motion machine of data: it consumes it, processes it, and produces ever more quantities of it. Digital technologies trafficking in data now enable, and in some cases have replaced, traditional trade...WW…