No, you are right! I completely misread the paper. From the conclusion:

"While presenting a good deal of detail, we have sought in this paper to emphasize a small number of general points. First, the globalization of commodity and financial markets is historically unprecedented. Facile comparisons with the late nineteenth century notwithstanding, the international integration of capital and commodity markets goes further and runs deeper than ever before."

Thank you for pointing this out! I stand corrected.