![]() This first wave of globalization came to an end with the beginning of the First World War, when the decline of liberalism and the rise of nationalism led to a collapse in international trade. Around that time, technological advances and political liberalism triggered what we know today as the ‘first wave of globalization’. Then around 1820 things started to change quickly. Despite this long history, the importance of foreign trade was modest until the beginning of the 19th century-the sum of worldwide exports and imports never exceeded 10% of global output before 1800. ![]() International trade has been part of the world economy for thousands of years. In this blog post, we discuss in more detail the evidence behind these claims. On the contrary, they often work together. Neither free market capitalism nor social democracy alone has been responsible for economic development. The increasing potential of governments to collect revenues and redistribute resources through social transfers has been another important factor contributing to improved standards of living around the world. Yet these achievements are the product of multiple forces, and globalization is only one of them. Globalization has also been a key driver of unprecedented economic growth and as a result, we now live in a world with much less poverty. Since 1900, life expectancy has increased in every country in the world, and global average life expectancy has more than doubled. All people living in today’s world have experienced some of the benefits of globalization: the expansion of foreign trade has meant that vaccines and antibiotics produced in a handful of countries have been widely used all over the world to eradicate diseases and treat deadly infections.
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