From the late 1980s to the early 2000s, globalization was a dominant economic theme. Net benefits were envisioned for all participating economies. While competition was expected, collaboration was anticipated. In recent years, globalization has fallen from favor as benefits and costs have been assessed and the net result has been unfavorable for many. To be sure, millions of individuals around the world have been lifted from poverty, especially in emerging market economies. But the largest economies now view each other more as competitors than collaborators. A review of some key measures can provide perspective for portfolio weightings among major markets in the period ahead.