Golden Age (jan 1, 1896 – jan 1, 1914)

Description:

--> International Market grew (int. lending & investments)
--> output & income rose in every nation
--> economic stability thanks to gold standard
--> trade boost thanks to g. standard (30%-70% more trade)
--> rush of railroad building in underdeveloped regions
--> new inventions (refrigerator) that helped
exports/imports
--> financing of USA & Australia by foreign investors
--> increasing specialization (Comparative Advantage)

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