This paper critiques the trilemma framing of the political economy of globalization, and offers a new framing based on the construct of national policy space. The paper makes three main contributions. First, building on Stein (2016), it deconstructs the categories used by Rodrik (2011) and introduces distinctions between the \u201cdegree\u201d, \u201ctype\u201d, and \u201cdimensions\u201d of globalization; \u201ceffective\u201d versus \u201cformal\u201d national sovereignty; \u201ccontent\u201d versus \u201cprocess\u201d of democracy; and \u201cnational\u201d versus \u201cglobal\u201d democracy. The deconstruction shows countries face choices involving a series of margins, not a trilemma. Second, that suggests reframing the problematic in terms of national policy space, which is the \u201cfunnel\u201d through which globalization impacts democracy and national sovereignty. Third, the paper shows a country can be impacted by globalization even if it does nothing because other countries\u2019 actions change its possibility set. The reframing shows globalization is an intrinsically political project. To the extent it is now driving a nationalistic anti-democratic turn in politics, responsibility lies with political elites.<\/p>\n\n\n\n