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This first phase of globalisation then took off under coal-and-steam power.
Viewed through this lens, the sunset of the current phase of globalisation seems dreadfully close to the horizon.
Yet at the same time this latest, multidirectional phase of globalisation offers enormous potential for business to raise living standards around the world.
We're in the first phase of the collapse of this type of globalisation, or this phase of globalisation, which will have some features in common with the Thirties but will be different in lots of ways".
Older generations aren't necessarily themselves to blame; shifting demographics and the current phase of globalisation mean there's a chance many young people today will not enjoy the rise in prosperity their parents and grandparents did.
Business these days is all about "competing with everyone from everywhere for everything", write the authors of "Globality", a new book on this latest phase of globalisation by the Boston Consulting Group (BCG .One sign of the times is the growing number of companies from emerging markets that appear in the Fortune 500 rankings of the world's biggest firms.
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"We've moved from the early phases of globalisation and the technology revolution to a period where the dangerous sharp edges of a new age are becoming apparent," he said.
This propelled the world into a phase of greater globalisation where terms like offshoring came into vogue and trade surged - exports of goods almost doubled from 16% of world GDP to nearly 30% by the late 2000s.
Consequently, instead of just protesting against globalisation, many of these actors and protagonists have chosen, rightly in my view, to seek an alternative form of globalisation, and to try to incorporate some of their concerns into globalisation.
Gone are the days when the emergence of the World Wide Web instinctively drew negative reactions from traditional Iranian clerics sceptical of globalisation's new phase.
Both camps are intensely suspicious of globalisation.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com