International Macroeconomics and Policy

Many researchers argue the world has experienced two great phases of globalisation. The first began roughly around 1850 and lasted until the start of the First World War. The second began sometime after the end of World War II. Answer each of the following questions: (a) In your view, what are the principal similarities and differences between these two periods of globalisation? (b) Building on part (a), critically assess those similarities and differences of greatest economic significance (i.e., those which you believe have the greatest impact on human welfare).