dramatic revisions to price levels and real incomes across the world. The paper tries to understand these changes. Domestic …

of both advanced and emerging countries during two periods of globalization -- the pre-World War I classical gold … the two eras of globalization reflects factors such as strong cross-country interdependence fostered through links to gold …

for the United States but also with reference to the wider world. We establish the outlines of international integration a … century ago and analyze the institutional and informational impediments that prevented the late nineteenth century world from … achieving the same degree of integration as today. We conclude that the world today is different: commercial and financial …