The Decline and Fall of the First Global Economy: How nationalism, protectionism, and collectivism spawned a century of dictatorship and war. From: Reason | Date: December 1, 2001| Author: Lindsey, Brink | COPYRIGHT 2001 Reason Foundation. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

THE BUZZWORD IS OF RELATIVELY recent vintage, but the reality it describes is nothing new. Globalization, by any other name, was in full swing a century ago. Indeed, it was remarkably advanced, even by contemporary standards.

In 1913, merchandise trade as a percentage of gross output was about 12 percent for the industrialized countries. They did not match that level of export performance again until the 1970S. The volume of international capital flows relative to total ...