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Is today's globalization different from globalization a hundred years ago?

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  1. Trade.
    1. The first wave.
    2. The second wave.
  2. Production factors mobility.
    1. Capital.
    2. Labour.
  3. Policy and situation.
    1. The policy trilemma.
    2. The first wave.
    3. The second wave.
  4. Inequalities.
  5. Conclusion.
  6. References.

Michael D. Bordo, Professor of Economics and Director of the Center for Monetary and Financial History at Rutgers University, says, in Globalization in Historical Perspective (2002), says ?globalization has become a buzzword of the new millennium?. Indeed the term globalization is now part of our current language and globalization is nowadays probably the most widely used word: politicians, journalists and others such as firm managers or even ordinary people often use the word. Globalization has been one of the most hotly debated topics in international economics over the past few years. So it is clear that it is a phenomenon that is the subject of numerous comments or analysis. The term is used in a lot of different contexts, but in contemporary jargon it principally refers to economic globalization.

[...] Conclusion Today's globalization and globalization a hundred years ago present both ressemblances and differences. So as it is true to say that they different, it is also true to say that they are not completely different. The first thing to note is that historical backgrounds and political contexts were absolutely not the same. The first wave of globalization occurred without anyone trying to make it happen, (just like if it was destined to occur) contrary to the second one, that was entirely intentional and backed up by governments and institutions. [...]


[...] Whereas capital mobility was previously greater for long term investment, today it is greater for short term investment Labour The first wave of globalization was a period of massive voluntary migration. People mainly fled from Europe to the United States, Australia and Latin America because during the decades before 1914, Europe was experiencing a lot of farm crisis, because, because of trade, prices collapsed, and these countries were offering a lot of opportunities for those fleeing people. Famers had no choice but to migrate if they did not want to suffer or die. [...]


[...] As an analysis in terms of trade is not sufficient to be able to judge if today's globalization is different from globalization a hundred years ago, this analysis can be improved by an analysis in terms of production factors mobility. Production factors mobility 1 Capital During the first wave of globalization, capital markets were open and capital flew from rich countries (that is to say mainly Great Britain) to poor countries (that is to say the USA, Latin America and Australia). [...]

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