1929 Shiroyama Reading

Historical Phases of Globalization:
- 1870-1929: First Globalization
  - Partially suspended during WWI (1914-1918)
- 1929 - ca. 1975: Economic Depression, Rise of Nationalism and Autarky, WWII, Post-War Welfare States
- 1975 - 2017: Second Globalization with ongoing de-globalization tendencies

The concept of periodization includes approximate dates, indicating trends rather than fixed endpoints.
The era starting from 1870 saw an intensification of key globalization elements, although precursors existed prior.
The year 1929 is marked as the clear endpoint of the first globalization despite preceding instability.
Second Globalization emergence from the mid-1960s, solidified as an ideology by the late 1970s and fully institutionalized by the 1990s.
Key moments of de-globalization since 2008:
- Xi Jinping's rise in China (2013)
- Donald Trump's first presidency (2017-2021)
- 2022 Russian invasion of Ukraine
- Possible future implications stemming from potential second Trump presidency starting in 2025
Despite ongoing high global trade levels, trends suggest increasing de-globalization towards national and regional economic models.

Examines the importance of specifying historical phases and their implications on current global relations.

Transportation and Communication Technologies: Essential for interconnectedness.
The Free Trade Regime: Advocated by 19th-century leaders to lower tariffs and increase trade volume across borders.
Gold Standard International Monetary System:
- Adopted in 1870s allowing currency to be pegged to gold, aiding in stable exchange rates.
- Advantages included stability, automaticity, and commitment assurance but faced practical instabilities due to gold shipment adjustments.

Transatlantic Telegraph Cable: Established in 1866.
By the late 1880s and 1890s, global telegraphy emerged, drastically changing news distribution and capital flow.

Suez Canal: Completed in 1869; a hallmark of modern engineering.
- Reduced travel distance between India and Europe by 40%.
- Enabled steamships to facilitate rapid movement of goods and people.

Migration patterns shifted significantly during this period, favoring migration to urban centers in the West.

Free trade advocates succeeded in promoting significant reductions in tariffs, leading to increased international trade.

Enhanced volume of merchandise traded internationally due to improved communication and transport.

Functionality:
- Gold was held to match circulating currency, allowing for easy convertibility.
- Maintained fixed exchange rates between currencies, promoting international trade stability.
Advantages:
- Stable nominal anchor
- Automatic adjustment mechanisms
- Credible commitment to maintain value
Limitations:
- Instability due to logistical challenges of gold transport.

Intangible force promoting collaboration during the first wave of globalization, influencing policies and cultural exchange.

Concept popularized by Norman Angell in his 1911 book, arguing that global economic integration made warfare between developed nations futile.
- Key arguments included:
  - Militaristic confrontations were economically detrimental and thus counterproductive.
  - Underlying economic interdependence served as a deterrent against wars.
  - Post-conquest scenarios would degrade the economic viability of conquered lands, disincentivizing imperialist pursuits.

The connection of the Great Illusion to the dynamics leading into WWI highlights misconceptions about the permanence of globalization.

Keynes cautioned against punitive reparations imposed on Germany post-WWI; predicted economic ruin for Europe if historical globalization approaches were neglected.
He advocated for restoring free markets and international harmony as opposed to revenge and punitive measures, foreshadowing conflict if ignored.

Accumulating tensions and issues leading up to global depression marked a transformational economic period.

The backlash against migration intensified from 1900, particularly prominent in restrictive legal policies during the 1920s.

The economic strategies and challenges related to international finance during the depressive periods.

Index crash led to widespread panic, underscoring the volatility of financial markets.

Imposed tariffs contributed to a regression in international trade networks post-1929.

Economic strategies where countries sought to protect their interests at the expense of other countries' economies, further exacerbating global depression.

The decline of globalization led to views of international commerce as a threat; a focus on national self-sufficiency emerged strongly.
The 1930s revealed a shift in attitudes towards globalization as a collective mistake and strengthened national policies aimed at prosperity.
- Significant developments in welfare state programs across various political regimes, including both democratic and totalitarian systems, with mixed results in human rights considerations.
- Notable expansion with alongside repressive actions toward minorities and ideological purging, highlighting ethical complexities.