Is the current German de-industrialization similar to the British case of the 1870-1914 period? Similarities and Differences
Globalization is a phenomenon, which has different influence on national economies. Thus, some national economies have benefited (i.e. winners), while others have experienced a harmful outcome (i.e. losers). However, globalization is not a new phenomenon. The first truly globalised economy existed in the era of the second industrial revolution (1870-1914) with the increase of global trade and FDI, rise of big businesses, labor mobility due to immigration, innovation with the creation of new industries etc. At that early stage Germany was a winner and Britain was a loser. However, nowadays, the opposite trend is occurring. Nowadays Britain is one of the winners of the new globalization wave, whereas Germany is considered at best a problematic case (if not a loser). Focusing mainly on industry we provide a comparative assessment.