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Quels enseignements tirer de la première mondialisation (1870-1914) ?

Violaine Faubert

Economie & Prévision, 2012, vol. n° 200-201, issue 2, 217-226

Abstract: This article analyses the similarities between the first globalisation (1870-1914) and the current one. The first globalisation offers some lessons in economic policy. As regards capital markets, the close integration of the advanced countries in the nineteenth century vividly illustrates the advantages of exchange-rate stability, promoted by the gold standard at the time. The financial crises of the first globalisation also remind us of the stabilising effect of limited current-account deficits and of a debt mostly denominated in domestic currency. As regards goods markets, lessons were drawn from the lack of trade-policy coordination characteristic of the first globalisation. The establishment of international organisations has fostered the gradual opening and coordination of trade policies of countries at different stages of development.

Keywords: globalisation; international trade; gold standard (search for similar items in EconPapers)
Date: 2012
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