Three Phases of globalisation Percent Millions 40 Immigrants to the United States by decade, milions(right axis) Merchandise exports/world GDP (left axis) 10 Foreign capital stock/developing country GDP (left axis) 20 2 0 1870 1914 1950 1980 2000 Wave 1 Retreat Wave 2 Wave 3 Source: Globalization, Growth and Poverty: Building an Inclusive World Economy, World Bank(2002) 由点 OR HM TREASURYThree Phases of Globalisation Source: Globalization, Growth and Poverty: Building an Inclusive World Economy; World Bank (2002)