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The free flow of capital comes about because it is the most effective way to increase the wealth of na- tions by enabling free trade.
As we have noted, the two periods of globalization, founded on flows of capital and the exist- ence of an internationally acceptable currency, were brought about by the hegemony of a domin- ant state and its capitalist classes - the British-led late-nineteenth-century free trade/gold stand- ard regime and the US-dollar-based system after 1945.
Both states were committed to economic liberalism, believing that an internation- al division of labour and free trade were the means of achieving world prosperity.
Free trade, made possible by the new international monetary system, also enabled the global expansion of the large powerful US corporations, which was also encouraged and supported by the US state.
Just as free trade in goods favoured Britain as the strongest manufacturing economy in the nineteenth century, liberal financial markets and the use of the dollar as the world currency brings great benefits to the USA.
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