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 …

trade reinforced each other before 1930, but that these effects did not persist after the Second World War. Financial … after 1945. We attribute the rising importance of trade in explaining growth to major post-World War II changes in tariffs …

cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita …

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 …

globalization that goes back to the 1870s may end in turmoil just like the first wave which ended after World War I. It is too soon …The recent rise of populist anti-globalization political movements has led to concerns that the current wave of … across the world after the crisis. This suggests either a pause in the pace of integration or more likely a slowing down …