TY  - JOUR
AU  - Baldwin,Richard E.
AU  - Martin,Philippe
TI  - Two Waves of Globalisation:  Superficial Similarities, Fundamental Differences
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 6904
PY  - 1999
Y2  - January 1999
UR  - http://www.nber.org/papers/w6904
L1  - http://www.nber.org/papers/w6904.pdf
N1  - Author contact info:
Richard Baldwin
Cigale 2
1010 Lausanne
SWITZERLAND
Tel: 41-22-908-5900
E-Mail: rbaldwin@cepr.org

Philippe Martin
Sciences Po
Department of Economics
28 rue des Saints Peres
75007 Paris
France
E-Mail: philippe.martin@sciences-po.fr
AB  - This paper looks at the two waves of globalisation (roughly 1820-1914 and 1960-present) focusing on key economic facts (trade investment, migration, and capital flows, Industrialisation/de-industrialisation convergence/divergence) beliefs and policymaking environments. The two waves are superficial similarities but are fundamentally different. Chief similarities include aggregate trade and capital flow ratios, and the importance of reductions in barriers to international transactions. The fundamental difference lies in the impact that these reductions had on trade in goods versus trade in ideas. Initial conditions constitute another important difference. Before the first wave, all the world was poor and agrarian. When the second wave began, it was sharply divided between rich and poor nations.
ER  -