The main focus of Islamic trade in those Middle Ages were spices. That is not to say globalization had started in earnest. If the Silk Road eventually closed, as it did after several centuries, the fall of the empires had everything to do with it.
The "second globalization" began in and ended in But by the Bretton Woods system was coming under increasing pressure. Two years later Norway joined the Scandinavian monetary union.
They started to mass export meat, from cattle grown on their vast lands. Before World War I the international flow of capital had been free. Moreover, their colonial model was chiefly one of exploitation, including the shameful legacy of the slave trade.
The kronor had the same value in all three Scandinavian countries and the currency in each of the countries could be used interchangeably in daily transactions. But as ofwhen the Iron Curtain fell, globalization became a truly global phenomenon.