As we have seen, the industrial revolution marked the beginning of modern globalization. Because of this, roads, machines and railways have made the world smaller. Entire countries sold their products on a scale never seen before. Credit, through banks, made international transactions possible and, at the same time, the world became more interdependent. It was a time of what some have called the first true capitalist era of globalization, which saw intensified integration and interdependence between societies. But despite the economic boom, not everyone was euphoric about inequality. Large surpluses were produced, but they were very unequally distributed within and between societies. We feared that some of these economic crises could lead to political crises. John Maynard Keynes worried about the precarious nature of things. On the eve, July 28, 1914, of the start of the First World War, there was misfortune, disenchantment and some historians affirm that the First World War put an end to this era of prosperity which brought down the first capitalist globalization . But it did not destroy a world that some might nostalgically view as a high level of civilization. It was a situation that had been brewing for a long time, already rife with concerns, rife with rivalries between regimes. Nothing prepared the world for what it would experience from the summer of 1914. This was the first truly global conflict in a century into which the world had been plunged since the Napoleonic wars with the invasion from Egypt. From India to Argentina, the world had been swept by a single conflagration. This war that started in Europe became global because it was a conflict between global empires, locked in fratricidal conflict with each other, which is going to end in the middle of paper..... . was endemic. The British economy of 1919 was not even close to that of 1900, it could not support the gold standard. But in the 1920s there was a boom. From 1922 to 1927, the value of gross foreign assets held by Americans, particularly in Europe, increased by 400%. In 1928, the United States was lending a billion a year and the largest borrower was Germany. But this house of cards began to collapse. These are two important factors that brought down the previous system of globalization. Capital quickly began to flow to the United States, which then exposed the chasm for the rest of the world to run up large deficits. German and Austrian banks began to fail, followed by the Wall Street Crash of 1929, which made the situation worse since they were dependent on the United States as a lender. All this triggered the process of bringing the financial system to its knees..