Yes, that was a popular theory around 1900 to 1914, when global trade as a part of global GDP reached a long term maxima that took a very long time to break (if it has been broken?).

Then came a set of World Wars.

I think that is really interesting because from what it seems based on events around the world, the economic interdependence between nation states has grown at the same time people within nation states economic realities are becoming more decoupled from that growth. From that decoupling, conflict emerges from which hasn't been seen before in the way that it is evolving now.