GLOBALIZATION 4 08 o4 02 0 1860 1880 19001920» 1940-1980 19802000 1re 2.13 Foreign capital stocks: assets / world income, 1860-2000. Source: Beugelsdijk etal. (2013), based on Obsteld and Taylor (2003), [Bwestem Europe [ western offshoots 1870-1913 1914-1949 1950-1873 1974-1998 2000-2010 Figure 2.14 Relative migration flows: western Eurape and western offshoots, 1870-2010, "Note: data for 1999 notincluded. Western Europe consis of Belgium. France, Germany, tly, Netherlands, Norway Sweden, Switzerland, and UK. Sources nat migration in the period (Maddison, 2007 table 34) is cvided by the (imple) average population and length ‘ofthe period, normalized per 1000 inhabitants updated fr the period 2000-2010 with data rom UN Population Owvison, Migration Section the labour force in 2008 was foreign-born; in the USA this number was 16.5 per cents in the ‘UK 12.6 per cent; in the Netherlands 111.4 per cent; and in Denmark 6.8 per cent.'* In addi- tion, the United Nations High Commissioner for Refugees (UNHCR) estimated that there ‘were some 15.4 million refugees in the world in 2010; see also Chapter 9. Historianshavealso identified two modern ‘waves’ of migration (see Figure 2.14). "The first took place between 1820 and 1913. More than 50 million migrants departed (mostly) from Europe to Australia, Canada, South America, and the USA. Almost 60 per cent of the migrants went to the USA. Most were young and relatively low-skilled, After 1850, most migrants came from Ireland.