labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …

We consider the operation of international capital markets in two periods of globalization, before 1914 and after 1971 … international monetary framework was responsible for the relatively short-lived and mild nature of pre-World War I financial crises …

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 …

What drives globalization today and in the past? We employ a new micro-founded measure of bilateral trade costs based …

. Late nineteenth century trade globalization may have helped generate the "first wave" of democratization. Between 1920 and … 1938 countries more exposed to international trade were less likely to become authoritarian. Finally, our post-World War II …

, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World … War I trade boom. In contrast, for the post-World War II trade boom we identify changes in output as the dominant force …