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Late 19th century-early 20th century
Spatial economic integration-transportation costs plummeted, information flows accelerated, tariffs fell, treaty ports proliferated and empires expanded.

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Resource costs of shipping and trading commodities across international borders. When two nations adopted the gold standard trade was 15% higher. Monetary unions, political alliances, language and trade treaties affected the direction of trade. First and second waves of globalization were quite different 1870-1913 and in 1950-2000. Growth was due to the export of new goods and opening up of new markets. 58% in Belgium between 1880-1910.

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Higher market potential is related to higher income per person. Also small economies like Belgium, Denmark and Switzerland were able to sell into global markets without facing international borders. Labor benefits from an increase in global demand.

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Child labor laws, limits on working hours and other labor standards. This was adopted and expanded between trade partners. Trade was used as a lever for better social protection.

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Based on research around the world, China, Germany, Italy, Japan, Switzerland, and the U.K. a new enhanced vision of globalization will emerge. Producers and consumers gained from access to new finished goods. Living standards rises.