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The first era of globalization is said to have broken down in stages beginning with the first World War, followed by the crisis of the gold standard in the late 1920's and early 1930's and finally collapsing with nationalism and trade barriers.
The insouciance of this golden age was best captured by Keynes' caricature of the typical Londoner in his 1919 book, "The Economic Consequences of the Peace":
“The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he may see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble in their prospective fruits and advantages; or he could […] proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference. But, most important of all, he regarded this state of affairs as normal, certain, and permanent, except in the direction of further improvement, and any deviation from it as aberrant, scandalous, and avoidable.”
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