The Golden Age : The Period Of Prosperity, Growth And Development

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“National economies are more open to one another than ever before.” With the flourishing of international trade and international economic integration people could consume products from different nations around the world; businesses had a huge economic growth, and their economic connections with other nations where significant due to the movement of capital. Moreover, vast group of people migrated in search of new jobs. Most people around the globe “think of global capitalism as the normal state of things.” . The period of all those changes was the Golden Age (1896- 1914). It was the epoch of prosperity, growth and development for several nations across the world. Some reasons why this period was close to a classical ideal will be explained.

The Golden Age was based on the gold standard. This method acted as a regulator to impose wages and price restraint. This measure brought stability and predictability that greatly facilitated international trade, investment, finance, migration, and travel . Businessmen, investors, and migrants did not have to worry about changes in exchange rates, controls on currencies, and any impediment to moving money around the world. These financial regulations driven on the one hand, producers exported huge quantities of goods and consumers imported a variety of products; on the other hand, investors developed global interest, and international investments grew even more rapidly than world trade, “to forty-four billion dollars on the eve of

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