Global capitalism : its fall and rise in the twentieth century

**"Magisterial history...one of the most comprehensive histories of modern capitalism yet written." ―Michael Hirsh, __New York Times Book Review__** In 1900 international trade reached unprecedented levels and the world's economies were more open to one another than ever before. Then as now, many people considered globalization to be inevitable and irreversible. Yet the entire edifice collapsed in a few months in 1914. Globalization is a choice, not a fact. It is a result of policy decisions and the politics that shape them. Jeffry A. Frieden's insightful history explores the golden age of globalization during the early years of the century, its swift collapse in the crises of 1914-45, the divisions of the Cold War world, and the turn again toward global integration at the end of the century. His history is full of character and event, as entertaining as it is enlightening. Prologue: Into the Twentieth Century i 1. Global Capitalism Triumphant u 2. Defenders of the Global Economy a 3. Success Stories of the Golden Age m 4. Failures of Development so 5. Problems of the Global Economy ios 6. “All That Is Solid Melts into Air..127 7. The World of Tomorrow 155 8. The Established Order Collapses 173 9. The Thru to Autarky 195 10. Building a Social Democracy 229 11. Reconstruction East and West 253 12. The Bretton Woods System in Action 273 13. Decolonization and Development soi 14. Socialism in Many Countries 321 15. The End of Bretton Woods 339 16. Crisis and Change 363 17. Globalizers Victorious 392 18. Countries Catch Up 413 19. Countries Fall Behind 435 20. Global Capitalism Troubled 457 Conclusion 473 From mercantilism to free trade From silver to gold Threats to the global order The gold standard reaffirmed Specialization and growth Globalism and its discontents Defenders of the Global Economy Intellectual support for the golden age Nathan Mayer Rothschild, 1840-1915 The free traders Supporters of the golden pillars Global networks for a global economy The international migration of capital and people Globalization Success Stories of the Golden A© Britain overtaken New technologies and the new industrialism Protecting the infant industries The areas of recent settlement Growth in the tropics Heckscher and Ohlin interpret the golden age Failures of Development King Leopold and the Congo Colonialism and underdevelopment Misrule and underdevelopment Stagnation in Asia Stagnation on the plantation Obstacles to development Free trade or fair trade? Winners and losers from trade Silver threats among the gold Labor and the classical order The Gilded Age tarnished? Solid Melts into Air Economic consequences of the Great War Europe rebuilds The twenties roar America in isolation A world restored? Into the void The new industries The new corporations The new multinational enterprises Down on the farm New societies Advances and retreats The end of the boom Gold and the crisis From the darkness Out with the old... to Autarky Semi-industrial self-sufficiency Schacht and the Nazis rebuild Germany Autarkic economic policies Europe swings to the Right Socialism in one country Development turns inward The autarkic alternative a Social Democracy Swedish and American roads to social democracy Keynes and social democracy Labor, capital, and social democracy Social democracy and international cooperation From the ashes The United States leads the way The immediate task Dean Aeheson, present at the creation The United States and European reconstruction The Soviet Union builds a bloc Two syntheses The Bretton Woods System in Action Postwar growth accelerates Jeun Monnet and a United States of Europe Bretton Woods in trade The Bretton Woods monetary order international investment under Bretton Woods Bretton Woods and the welfare state The success of Bretlon Woods Import-substituting industrialization The rush to independence ISI in theory and practice Nehru leads India to industrialization The Third World embraces ISI The modern spread of industry in Many Countries The socialist world expands The socialist world divides The Chinese road Socialism in the Third World A socialist future? The compromises unravel Challenges to trade and investment Crises of import substitution Socialism stagnates End of an era Oil and other shocks The Volcker counter-shock Regionalism and globalism Global finance and national financial crises New technologies, new ideas Globalizing interests George Soros makes markets Trade unblocked Global production and national specialization Export-led growth on the edge of Europe and Asia East Asian and Latin American followers The Marxist sociologist takes power Eastern Europe joins the Vest A new international division of labor untries Fall Behind Reform and transition disappointed The Zambian road African catastrophe Plague, destitution, and desperation Financial fragility and the unholy trinity “The three scariest words“ Global markets: ungoverned or unwanted? on Data International Trade At Unprecedented Levels, Millions Of People Migrating Yearly In Search Of Jobs, The World's Economies More Open To One Another Than Ever Before--such Was The Global Economy In 1900. Then As Now, Many People Considered Globalization To Be Inevitable And Irreversible. Yet The Entire Edifice Collapsed In A Few Months In 1914. Globalization Is A Choice, Not A Fact--a Result Of Policy Decisions And The Politics That Shape Them. Political Scientist Frieden's History Explores The Golden Age Of Globalization During The Early Years Of The Twentieth Century, Its Swift Collapse In The Crises Of 1914-45, The Divisions Of The Cold War World, And The Turn Again Toward Global Integration At The End Of The Century. Full Of Character And Event, It Deepens Our Understanding Of The Century Just Past And Sheds Light On Our Current Situation.--from Publisher Description. Into The Twentieth Century -- I: Last Best Years Of The Golden Age, 1896-1914 -- Global Capitalism Triumphant -- Defenders Of The Global Economy -- Success Stories Of The Golden Age -- Failures Of Development -- Problems Of The Global Economy -- Ii: Things Fall Apart, 1914-1939 -- All That Is Solid Melts Into Air... -- The World Of Tomorrow -- The Established Order Collapses -- The Turn To Autarky -- Building A Social Democracy -- Iii: Together Again, 1939-1973 -- Reconstruction East And West -- The Bretton Woods System In Action -- Decolonization And Development -- Socialism In Many Countries -- The End Of Bretton Woods -- Iv: Globalization, 1973-2000 -- Crisis And Change -- Globalizers Victorious -- Countries Catch Up -- Countries Fall Behind -- Global Capitalism Troubled. Jeffry A. Frieden. Includes Bibliographical References (p. 497-516) And Index. Contends that the spread of globalization has occurred as a direct result of political choices, tracing the collapse of globalization between 1914 and 1945 and the movement's revival at the end of the twentieth century. As the spring of 1896 came to the American Great Plains, farmers faced the planting season with dread.