Kevin O'Rourke and Jeffrey Williamson present a coherent picture of trade, migration, and international capital flows in the Atlantic economy in the century prior to 1914—the first great globalization boom, which anticipated the experience of the last fifty years. Globalization is not a new phenomenon, nor is it irreversible. In Gobalization and History, Kevin O'Rourke and Jeffrey Williamson present a coherent picture of trade, migration, and international capital flows in the Atlantic economy in the century prior to 1914—the first great globalization boom, which anticipated the experience of the last fifty years. The authors estimate the extent of globalization and its impact on the participating countries, and discuss the political reactions that it provoked. The book's originality lies in its application of the tools of open-economy economics to this critical historical period—differentiating it from most previous work, which has been based on closed-economy or single-sector models. The authors also keep a close eye on globalization debates of the 1990s, using history to inform the present and vice versa. The book brings together research conducted by the authors over the past decade—work that has profoundly influenced how economic history is now written and that has found audiences in economics and history, as well as in the popular press.

In this fully revised fourth edition, this book treats globalization from several vantage points, showing how these help grasp the nature of globalization both in the past and today. The revisions include greater attention to the complications of racism (after 1500) and nationalism (after 1850); further analysis of reactions against globalization after World War I and in the 21st century; more discussion of student exchanges; and fuller treatment of developments since 2008, including the role of the Covid-19 pandemic in contemporary globalization. Four major chronological phases are explored: in the centuries after 1000 CE, after 1500, after 1850, and since the mid-20th century. Discussion of each phase includes relevant debates over the nature and extent of the innovations involved, particularly in terms of transportation/communications technologies and trade patterns. The phase approach also facilitates analysis of the range of interactions enmeshed in globalization, beyond trade and migration, including disease exchange, impacts on culture and consumer tastes, and for the modern periods policy coordination and international organizations. Finally, the book deals with different regional positions and reactions in each of the major phases. This includes not only imbalances of power and economic benefit but also regional styles in dealing with the range of global relationships. This volume is essential reading for undergraduate and postgraduate students of world history, economic history, and political economy.

Globalisation will become a major theme of historical research during the next decade - this book will help to set a new agenda.

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration. This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself. This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.

A controversial look at the end of globalization and what it means for prosperity, peace, and the global economic order Globalization, long considered the best route to economic prosperity, is not inevitable. An approach built on the principles of free trade and, since the 1980s, open capital markets, is beginning to fracture. With disappointing growth rates across the Western world, nations are no longer willing to sacrifice national interests for global growth; nor are their leaders able—or willing—to sell the idea of pursuing a global agenda of prosperity to their citizens. Combining historical analysis with current affairs, economist Stephen D. King provides a provocative and engaging account of why globalization is being rejected, what a world ruled by rival states with conflicting aims might look like, and how the pursuit of nationalist agendas could result in a race to the bottom. King argues that a rejection of globalization and a return to “autarky” will risk economic and political conflict, and he uses lessons from history to gauge how best to avoid the worst possible outcomes.

In this work, Jurgen Osterhammel and Niels Petersson make the case that globalization is not so new, after all. Arguing that the world did not turn "global" overnight, the book traces the emergence of globalization over the past seven or eight centuries. In fact, the authors write, the phenomenon can be traced back to early modern large-scale trading, for example, the silk trade between China and the Mediterranean region, the shipping routes between the Arabian Peninsula and India, and the more frequently travelled caravan routes of the Near East and North Africa, all conduits for people, goods, coins, artwork, and ideas.

Reveals how global trade shaped early modern economic, social and political development, and inaugurated the first era of globalization.