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Globalization and Empire Link
- Globalization before WWI was tightly linked with the dominance of European empires, especially the British Empire.
- This era was marked by unprecedented international trade, migration, and financial flows under imperial influence.
Myth of Sovereign Equality
- Many formally sovereign states in early 20th century had their autonomy compromised by foreign powers and creditors.
- Countries like China lost control over tariffs and domestic economic policies due to foreign financial influence.
Banks as Meddlers in China
- Foreign banks such as HSBC in China and JP Morgan elsewhere exercised quasi-governmental power over domestic policies.
- These institutions controlled public revenues and influenced domestic economic decisions extensively.