ABSTRACT
Three of the main features of the First Globalization were the expansion of the Atlantic economy from the mid-nineteenth century until the First World War, the incorporation of new regions into the global economy and the formation of world markets for goods and productive factors. The new settlement economies underwent economic and social development and followed parallel paths (Duncan and Fogarty 1984) based on similar dynamic relations between waves of immigration, the marginalization of native people, European capital inflows, land abundance, free labour, socially useful political institutions and neo-European cultures (Lloyd and Metzer 2012). By the late nineteenth century they were well integrated into the global economy, and in fact the main settler areas in North America, southern South America, Australasia and the southern and northern regions of Africa became essential for the development of the world economy. These “template economies” are usually taken to include Argentina, Australia, Canada, Chile, New Zealand, South Africa, the US and Uruguay (Lewis 1983: 209), and Foreman-Peck (1995: 105) identifies this “club” with “the group of non-European countries which at the [beginning of the] twentieth century can be classified as developed”.
