The resulting flood of liquidity caused a global boom that benefited economies from Elizabethan England to Mughal India. And 1870-1913, another period of rapid growth and globalization, was not characterized by balance; it was funded by the United Kingdom, acting as the world’s “bank.”
类似地，在16和17世纪，西班牙持续地保持赤字，这些赤字用安第斯山出产的白银偿还。由此造成的流动性泛滥导致了全球繁荣，伊丽莎白的英格兰和莫卧儿帝国都从中获益。而1870—1913年——又一个快速增长和全球化的时代——也没有出现平衡；资金提供者是英国，它就好比是世界的“银行”。