However, the trade policies of the time lacked reciprocity. ġ870-1914 is also known as the laissez-faire period, thus mostly liberal international policies are in place. Peace between main powers and reduction of trade barriers promoted trade. Exchange-trade stability and reduction of uncertainty in trade made possible by the gold standard. The development of railways lowered the transport costs, which resulted in a massive migration within Europe and from the Old World to the New World.
Constant technological improvement and increased usage associated with the decline in international freight rates. International trade grew for many reasons. The first Nobel prizes were awarded in 1901. The 1876 World Fair in Philadelphia was the first not to take place in Europe. First globalization also includes technological transfers and the rise of international cultural and scientific cooperation. However, it is not only about the movement of goods or factors of production. First globalization is known for increasing transfers of commodities, people, capital and labour between and within continents. The period from 1870 to 1914 represents the peak of 19th-century globalization. This led to the third era of globalization, which began in 1989 and continues today. The "second globalization" began in 1944 and ended in 1971. " First globalization" is a phrase used by economists to describe the world's first major period of globalization of trade and finance, which took place between 18. As the main means of transo oceanic travel for more than a century, ocean liners were essential to the transport needs of national governments, commercial enterprises and the general public. The ocean liner SS Kaiser Wilhelm der Grosse, a steamboat. World's first major period of globalization of trade and finance A German railway in 1895.
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