First globalization

Article summary

used to emit in morse code. SS Kaiser Wilhelm der Grosse, a steamboat. As the main means of transoceanic travel for more than a century, ocean liners were essential to the transport needs of national governments, commercial enterprises and the general public. "First globalization" is a phrase used by economists to describe the world's first major period of globalization of trade and finance, which took place between 1870 and 1914. The "second globalization" began in 1944 and ended in 1971. This led to the third era of globalization, which began in 1989 and ended around the early 2020s. The period from 1870 to 1914 represents the peak of 19th-century globalization. First globalization is known for increasing transfers of commodities, people, capital and labour between and within continents. However, it is not only about the movement of goods or factors of production. First globalization also includes technological transfers and the rise of international cultural and scientific cooperation. The 1876 World Fair in Philadelphia was the first not to take place in Europe. The modern Olympics began in 1896. The first Nobel prizes were awarded in 1901. International trade grew for many reasons. Constant technological improvement and increased usage associated with the decline in international freight rates.…

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