globalization. Only one era in history remotely resembles our own in terms of the degree of international economic and social integration, and that is the period from around 1875 to 1914. World trade grew to an unprecedented volume. Capital flowed across borders as never before.
Historically, the periods of globalization can be understood more deeply by comparing the current era with the time between 1875 and 1914. During this earlier timeframe, international economic and social integration reached remarkable levels, characterized by astonishing growth in global trade and unprecedented capital movement across national borders. This era set a benchmark for interconnectedness that shaped the modern world.
Niall Ferguson, in his book "The Abyss: World War I and the End of the First Age of Globalization," emphasizes that the surge of world trade and capital flow during these years influenced many aspects of society. The similarity of these periods highlights the cyclical nature of globalization, reflecting both opportunities and potential challenges that come with such integration.
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Other quotes in The Abyss: World War I and the End of the First Age of Globalization-A Selection from The War of the World
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