From Silver to Cocaine

Abstract

latin america has been actively engaged in global trade since a Genoese sailor with Portuguese cartographic and navigational skills and experience sailing to Africa on Spanish ships partially financed by Italian bankers reached what would be known as the ''New World.''∞ A German named the new continent America, after a Florentine who wrote in Latin.Although today many observers of the world economy are fascinated by a package of transformations known as ''globalization,'' which they think was born in the post-Washington Consensus era as a result of the application of new rules on trade and finance, this volume stresses that forms of globalization have long existed.In fact, many students of international trade date the beginning of the world economy to 1492 with the incorporation of the Americas.≤ Marx and Engels eloquently noted this a century and a half ago: ''The discovery of America, the rounding of the Cape, opened up fresh ground for the rising bourgeoisie.The East-Indian and Chinese markets, the colonisation of America [north and south], trade with the colonies, . . .gave to commerce, to navigation, to industry, an impulse never before known.''≥ In contrast, researchers of a modern school date the intensification of global trade and price convergence to the last quarter of the nineteenth century.∂ Still others argue that, despite antecedents, the true age of globalization is actually the contemporary era.∑ In any case, it is clear that the growing integration of the world economy has deep roots in history.

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