completed. By the eve of the First World War steamships and railroads had created markets for

standardized commodities, like wheat and wool, that were fully global in their reach. Even the global

flow of information was better than modern observers, focused on electronic technology, tend to

realize: the first submarine telegraph cable was laid under the Atlantic in 1858, and by 1900 all of the

world’s major economic regions could effectively communicate instantaneously.

This first wave of globalization crashed to a halt early in the twentieth century. World War I severed many

economic connections. During the Great Depression of the 1930s, many nations misguidedly tried to fix their

own economies by reducing foreign trade with others. World War II further hindered international trade.

Global flows of goods and financial capital were rebuilt only slowly after World War II. It was not until the early
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