This study traces the roots of global financial integration in the first “modern” era of globalisation from 1880 to 1913 and can serve as a valuable tool to current-day policy dilemmas by using historical data to see which policies in the past led to enhanced international financing for development. A major conclusion is that the successful management of international financial integration depends primarily on broad institutional and political factors and financial policies, rather than simply opening or closing individual economies to the international winds.

"A careful and vigorously argued monograph…  an important book that future research in this area will have to take into account."

  –  eh.net book review by Hugh Rockoff of Rutgers University.