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A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940

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  • Giovanni Federico

    ()
    (European University Institute and University of Pisa)

Abstract

Long-range market integration is an essential component of globalization but it is still comparatively under-researched. The conventional wisdom relies heavily on the case of Atlantic trade in the period after 1870. This paper covers also the Indian Ocean and extends the period under consideration, from Waterloo to World War Two. Integration started in first half of the 19th century, and timing and extent of convergence differed substantially among products. The second part of the paper analyses the causes of the process with a panel regression and puts forwards a tentative estimate of its welfare effects. The key message of the paper is that simple generalizations about the first globalization are not good substitutes for empirical research.

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Bibliographic Info

Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0011.

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Length: 27 pages
Date of creation: Oct 2011
Date of revision:
Handle: RePEc:hes:wpaper:0011

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  1. Marc Flandreau, Stefano Ugolini, 2011. "Where It All Began: Lending of Last Resort and the Bank of England during the Overend, Gurney Panic of 1866," IHEID Working Papers 04-2011, Economics Section, The Graduate Institute of International Studies.
  2. William Hynes & David S. Jacks & Kevin H. O'Rourke, 2009. "Commodity Market Disintegration in the Interwar Period," NBER Working Papers 14767, National Bureau of Economic Research, Inc.
  3. O'Rourke, Kevin & Williamson, Jeffrey G., 1994. "Late Nineteenth-Century Anglo-American Factor-Price Convergence: Were Heckscher and Ohlin Right?," The Journal of Economic History, Cambridge University Press, vol. 54(04), pages 892-916, December.
  4. Javier Silvestre & Ma Isabel Ayuda & Vicente Pinilla, 2011. "The Labor Market Integration of Migrants: Barcelona, 1930," Working Papers 0003, European Historical Economics Society (EHES).
  5. O Rourke, Kevin H. & Williamson, Jeffrey G., 2002. "When did globalisation begin?," European Review of Economic History, Cambridge University Press, vol. 6(01), pages 23-50, April.
  6. Fernando Mendiola Gonzalo, 2011. "Forced Labour in Franco's Spain: Workforce Supply, Profits and Productivity," Working Papers 0004, European Historical Economics Society (EHES).
  7. Knick Harley, C., 1980. "Transportation, the world wheat trade, and the Kuznets Cycle, 1850-1913," Explorations in Economic History, Elsevier, vol. 17(3), pages 218-250, July.
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  1. Electrification, skills and manufacturing
    by Chris Colvin in NEP-HIS blog on 2012-01-28 18:15:01

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