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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. 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 twentieth century, its swift collapse in the crises of 1914?5, 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. It deepens our understanding of the century just past and sheds light on our current situation.
Jeffry A. Frieden is Professor of Government at Harvard University. He specializes in the politics of international monetary and financial relations. Frieden is the author of Currency Politics: The Political Economy of Exchange Rate Politics and (with Menzie Chinn) of Lost Decades: The Making of America's Debt Crisis and the Long Recovery. His previous books include Global Capitalism: Its Fall and Rise in the Twentieth Century; Debt, Development, and Democracy: Modern Political Economy and Latin America, 1965-1985; and Banking on the World: The Politics of American International Finance. He is also the co-author or co-editor of many other books on related topics. His articles on the politics of international economic issues have appeared in a wide variety of scholarly and general interest publications.