chapter  2
Waves of globalization: Past and present
Pages 9

In this chapter, while emphasizing economic integration as a component of a more broadly-defined process labelled “globalization”, we present an overview of the three most recent waves. While our primary focus is on the periods from 1870-1914 and 1945-1980, the degree to which economies have been integrated into the international economy during all three waves is detailed using the results of prior research and data on trade flows, foreign direct investment, and international migration. Given that we introduce a number of globalization measures in Chapter 3, and that the data necessary to produce these measures are typically not available for the years prior to the current wave of globalization, we wait until Chapter 3 to provide a detailed discussion of the current wave.