in modern economic studies as the quantity theory of money, the neutrality of money and the consideration of interest rates not as a monetary phenomenon, but a real one. Adam Smith built on this foundation. He accused mercantilists of being anti-free trade and confusing money with wealth. David Ricardo based his arguments on Say's Law, developing the theory of comparative advantage, which remains the dominant theory of growth and trade in modern economics. After victory in the Napoleonic wars Great Britain began promoting free trade, unilaterally reducing its trade tariffs. Hoarding of gold was no longer encouraged, and in fact Britain exported more capital as a percentage of its national income than any other creditor nation has since. Great Britain's capital exports further helped to correct global imbalances as they tended to be counter cyclical, rising when Britain's economy went into recession, thus compensating other states for income lost from export of goods. According to historian Carroll Quigley, Great Britain could afford to act benevolently in the 19th century due to the advantages of her geographical location, naval power, and economic ascendancy as the first nation to enjoy an industrial revolution. However, some, like Otto von Bismarck, viewed Great Britain's promotion of free trade as a way to maintain its dominant position. A view advanced by economists such as Barry Eichengreen is that the first age of Globalization began with the laying of transatlantic telegraph cables in the 1860s, which facilitated a rapid increase in the already growing trade between Britain and America. Though Current Account controls were still widely used (in fact all industrial nations apart from Great Britain and the Netherlands actually increased their tariffs and quotas in the decades leading up to 1914, though this was motivated more by a desire to protect "infant industries" than to encourage a trade surplus), capital controls were largely absent. A gold standard enjoyed wide international participation especially from 1870, further contributing to close economic integration between nations. The period saw substantial global growth, in particular for the volume of international trade which grew tenfold between 1820 and 1870 and then by about 4% annually from 1870 to 1914. BoP crises began to occur, though less frequently than was to be the case for the remainder of the 20th century. From 1880 to 1914, there were approximately eight BoP crises and eight twin crises – a twin crisis being a BoP