tstats[kaitokidokuroba] (kaitokidokuroba)

The debate between mercantilists (under various names) and free-traders (known as liberals in the nineteenth century) has never been completely resolved. Free trade in goods and factors of production and financial integration, which is essentially free trade in financial assets, advanced in a first wave of globalization throughout the nineteenth century, so that by the beginning of the twentieth century, the world was highly economically integrated.