| Period | 1870–1913 | 1914–1950 | 1950–1973 | 1974–Present |
|---|---|---|---|---|
| Era | The End of Cosmopolitanism | Great Depression | The Golden Age | Global Capitalism |
| Monetary System | Gold Standard | Failed Attempt to Return to Gold Standard; Market Rigidities; Lack of International Collaboration | Adjustable Exchange Rate | Crisis; Stagnation |
| Exchange Rate | Fixed Exchange Rates | Floating Exchange Rates | ||
| Geographical Focus | Europe (UK), America; Colonies: Africa, South America | Russia (New Economic and Political Order) | USA, Japan | China (Asia); European Union; Fall of USSR |
| Growth Rate (%) | 1.4 | 0.9 | 3.0 | 1.6 |
| Key Characteristics |
Market Stability Leading to Increased Trade Transition from Coal (Steam Engine) to Electricity and Oil (Internal Combustion Engine) Advancements in Telecommunications Rise of Large Corporations and Transnational Sectors Significant Migration |
1929 Economic Crisis Rise of Protectionism Reduction in Global Trade |
Establishment of Bretton Woods Institutions (IMF, GATT, World Bank) Initiatives for International Collaboration |
The Trilemma: Democracy, Globalization, National Sovereignty Outsourcing and Rise of Transnational Firms Complex Global Value Chains Technological Advancements, Internet Proliferation |