The Abyss. Globalization had many economic benefits but, as in our own times, the creation of a truly international economic network combined greater efficiency with greater fragility. In 1914 a highly optimized system crashed in what was, without doubt, the biggest financial collapse of all time. {Unlike in 1929 or in 2008, the world's major stock markets were forced to suspend trading for no less than five months.}
( Niall Ferguson )
[ The Abyss: World War I and the ]
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