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 …

The globalization of capital and product markets has many implications for economic welfare. Countries can specialize …, one potentially adverse effect of globalization is the possibility that business cycle volatility might increase. Rapid …