"The First World War changed everything. In the summer of 1914 the world economy was thriving in ways that look distinctly familiar. The mobility of commodities, capital and labour reached levels comparable with those we know today; the sea lanes and telegraphs across the Atlantic were never busier, as capital and migrants went west and raw materials and manufactures went east. The war sank globalization - literally. Nearly thirteen million tons of shipping went to the bottom of the sea as a result of German naval action, most of it by U-boats. International trade, investment and emigration all collapsed. In the war's aftermath, revolutionary regimes arose that were fundamentally hostile to international economic integration. Plans replaced the market; autarky and protection took the place of free trade. Flows of goods diminished; flows of people and capital all but dried up. The European empires' grip on the world - which had been the political undergirding of globalization - was dealt a profound, if not quite fatal, blow. The reverberations of Princip's shots truly shook the world."