fun fact. first wave of modern globalization ended with WWI. Guess which country had the largest economy….
shit i'll just tell ya it was Argentina.
Abstract
Following Tulio Halperín Donghi's pioneering work, historians have tried to explain why Argentina experienced a dramatic export-led expansion in the first half of the nineteenth century despite a lack of price incentives. This paradox is resolved by a new estimate of Argentina's terms of trade. It suggests that they probably improved by at least 2,000 per cent from the 1780s to the first decade of the twentieth century, so there were considerable price incentives for export-led growth. Labour and capital moved into the export sector, bringing into production the country's Pampean land – a previously under-utilised resource. This suggests that Argentina's expansion in the long nineteenth century was less a result of internal factors than a response to globalisation.
This article explains why Argentina experienced rapid growth during the long nineteenth century. 1 It argues that the expansion was a response to a massive improvement in the country's terms of trade from independence up to the First World War.
https://www.cambridge.org/core/journals/journal-of-latin-american-studies/article/globalisation-the-terms-of-trade-and-argentinas-expansion-in-the-long-nineteenth-century/A36ECDD1234152F8E2AEB7DE44A4EDD1/core-reader