The Development of Transportation and International Exchange and the First Wave of Economic Globalization
Globalization in the nineteenth century involved increasing transfers of commodities, people, capital and ideas between and within continents. The most straightforward measure of integration is the growing volume of these international flows, perhaps the ratio of commodity trade to GDP, or the number of migrants per head of population. Another measure is the shipping cost of goods or factors of production across borders, and this cost will show up in international price gaps – thus followed the process of price convergence.
Otwórz Artykuł