This article concerns the economic impact of Germans in Valparaiso (1850-1915) and their relationship with the German economic expansion. It analyzes the expansion of Germany, as an expression of the globalization process, and its impact in Valparaiso. This presence can be seen both from the action of German immigrants and German capitalists. We studied an evolutionary cycle that ends with the start of the First World War that determined the decline of the community, and the economic decline of the wholesalers. In parallel, a marked decrease is produced in commercial activity of Valparaiso toward the end of the nineteenth century. It is concluded by stressing the relationship that develops between the possibilities of the immigrant populations and the capability of their countries of origin in the international economic context.