History doesn't repeat itself, but it does rhyme. — Mark Twain
As we approach the anniversary of World War I, we face another situation of an unprecedented globalized economy, with nations knitted together by trade, a long period of peace among the major powers ensured by a dominant imperial naval power trying to manage the rise of an ambitious, aggressive continental power.
Then, it was Great Britain working to "contain" Germany. As for the degree to which the world was connected, under the ideal that nations that traded together didn't go to war with each other, here is John Maynard Keynes:
The inhabitant of London could order by telephone, sipping his morning tea in bed, the various products of the whole earth, in such quantity as he might see fit, and reasonably expect their early delivery upon his doorstep; he could at the same moment and by the same means adventure his wealth in the natural resources and new enterprises of any quarter of the world, and share, without exertion or even trouble, in their prospective fruits and advantages; or he could decide to couple the security of his fortunes with the good faith of the townspeople of any substantial municipality in any continent that fancy or information might recommend.
He could secure forthwith, if he wished it, cheap and comfortable means of transit to any country or climate without passport or other formality, could despatch his servant to the neighboring office of a bank for such supply of the precious metals as might seem convenient, and could then proceed abroad to foreign quarters, without knowledge of their religion, language, or customs, bearing coined wealth upon his person, and would consider himself greatly aggrieved and much surprised at the least interference.