Final answer:
The most recent era of globalization began in the late 20th century, characterized by significant advancements in technology and liberalization of trade and capital markets.
Step-by-step explanation:
The most recent era of globalization is often considered to have started in the late 20th century. This era is characterized by two important features: technological advancements, particularly in communication and transportation, and the liberalization of trade and capital markets. As noted by Nobel Prize-winning economist Paul Krugman, globalization saw a significant rise at the start of the 20th century, with global exports as a share of global GDP increasing from less than 1% in 1820 to 9% by 1913. However, the most recent phase truly took shape after the end of World War II, when countries began to integrate more closely through various international institutions, trade agreements, and a global economic system that was becoming more interdependent. The advent of the internet and the fall of the Soviet Union were catalysts that further accelerated globalization, making it rapidly advance into the interconnected world we see today.