One From the Many: The Global Economy Since 1850
One From the Many: The Global Economy Since 1850
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Abstract
This book is a brief introduction to the economic history of the global economy and the process of globalization since 1850. Key indicators of globalization, also known as economic integration, are the ratios of trade to world production, the ratio of global foreign assets relative to world production, and the share of foreign-born in the population. This book tracks the evolution of these indicators over time. All indicators of globalization rose between 1850 and 1914, during the first wave of globalization. Between 1918 and 1939, the global economy stagnated, suffering a momentous collapse during the Great Depression of the 1930s. After World War II, the global economy re-emerged, and integration deepened. A long-run view suggests that the global economy generates economic benefits and raises welfare. Humans tend to prefer more globalization to less as revealed by the very long-run historical record. Of course, there are costs to globalization, and certain groups may lose in economic terms from globalization. Going forward, with an eye on the lessons from this long-run view, the global economy will almost surely survive, and integration will continue to grow. However, globalization can only survive if humanity continues to recognize its common interests and the adverse effects of greater integration are mitigated and minimized.
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Front Matter
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1
Introduction
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2
The Very Long Run: 10,000 BCE–1820 CE
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3
The Great Specialization: 1820–1914
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4
International Investment, 1820–1914
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5
Inter-Dependence and Instability in the Classical Gold-Standard Era
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6
The Great Migrations
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7
The Beginning of the End: Backlash to the First Wave of Globalization
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8
World War I and Its Legacy (Prologue to the Great Depression): 1914–1928
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9
The Great Depression: An Unprecedented International Economic Crisis
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10
Rebuilding the World Economy (Yet Again)
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11
The Global Economy in the Post-War Era
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12
The Bretton Woods System: A New Regime
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13
International Financial Flows and Financial Crises after the End of the Bretton Woods System
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14
The International Economy since 2000: Hyperglobalization and Beyond
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15
Prospects for the Global Economy in the 21st Century
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End Matter
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