旁白：二十世纪初，哈耶克和凯恩斯见证了第一次全球化浪潮。
NARRATOR: At the start of the 20th century, Hayek and Keynes had witnessed the first age of globalization.
《财富》报道——我们步入了美国的第一次全球化经济衰退？ 我想我们可能是的，但在这之前我想先强调两点。
Are we entering America's first globalization recession? I think we may well be, but before explaining why, I want to emphasize two points.
专家们常常将今天的全球化描述为“第二次全球化”，以便与1870至1914年之间的“第一次全球化”相区别。
Experts often describe today's globalisation as the "second globalisation", to distinguish it from the "first globalisation" between 1870 and 1914.
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