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Commodity Market Disintegration in the Interwar Period

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  • Hynes, William
  • Jacks, David S.
  • O Rourke, Kevin H.

Abstract

Using data collected by the International Institute of Agriculture, we document the disintegration of international commodity markets between 1913 and 1938. There was dramatic disintegration during World War I, gradual reintegration during the 1920s, and then a very substantial disintegration after 1929. The period saw the unravelling of a great many of the integration gains of the 1870-1913 period. While increased transport costs certainly help to explain the wartime disintegration, they cannot explain the post-1929 increase in trade costs. Protectionism seems the most likely alternative candidate.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 7189.

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Date of creation: Mar 2009
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Handle: RePEc:cpr:ceprdp:7189

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Related research

Keywords: commodity markets; deglobalization; disintegration; Great Depression; interwar economy; trade;

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Cited by:
  1. James MacGee & Chris Hajzler, 2012. "Retail Price Differences across U.S. and Canadian Cities during the Interwar Period," 2012 Meeting Papers, Society for Economic Dynamics 1126, Society for Economic Dynamics.
  2. David S. Jacks & Christopher M. Meissner & Dennis Novy, 2009. "Trade Booms, Trade Busts, and Trade Costs," CESifo Working Paper Series 2767, CESifo Group Munich.
  3. Richard S. Grossman & Christopher M. Meissner, 2010. "International Aspects of the Great Depression and the Crisis of 2007: Similarities, Differences, and Lessons," NBER Working Papers 16269, National Bureau of Economic Research, Inc.
  4. Giovanni Federico, 2011. "A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940," Working Papers 0011, European Historical Economics Society (EHES).
  5. Kevin H. O’Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Oxford University Economic and Social History Series, Economics Group, Nuffield College, University of Oxford _106, Economics Group, Nuffield College, University of Oxford.
  6. David S. Jacks, 2011. "Defying Gravity: The 1932 Imperial Economic Conference and the Reorientation of Canadian Trade," NBER Working Papers 17242, National Bureau of Economic Research, Inc.
  7. Brunt, Liam & Cannon, Edmund, 2013. "Integration in the English wheat market 1770-1820," Discussion Paper Series in Economics 12/2013, Department of Economics, Norwegian School of Economics.
  8. Vicente Pinilla & Gema Aparicio, 2014. "Navigating in Troubled Waters: South American Exports of Food and Agricultural Products in the World Market, 1900-1938," Documentos de Trabajo (DT-AEHE) 1406, Asociación Española de Historia Económica.

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