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Commodity Market Disintegration in the Interwar Period

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

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 National Bureau of Economic Research, Inc in its series NBER Working Papers with number 14767.

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Date of creation: Mar 2009
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Publication status: published as William Hynes & David S. Jacks & Kevin H. O'rourke, 2012. "Commodity market disintegration in the interwar period," European Review of Economic History, Oxford University Press, vol. 16(2), pages 119-143, May.
Handle: RePEc:nbr:nberwo:14767

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Cited by:
  1. Kevin Hjortshøj O'Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Economics Series Working Papers Number 106, University of Oxford, Department of Economics.
  2. 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.
  3. Jacks, David S. & Meissner, Christopher M. & Novy, Dennis, 2011. "Trade booms, trade busts, and trade costs," Journal of International Economics, Elsevier, vol. 83(2), pages 185-201, March.
  4. James MacGee & Chris Hajzler, 2012. "Retail Price Differences across U.S. and Canadian Cities during the Interwar Period," 2012 Meeting Papers 1126, Society for Economic Dynamics.
  5. 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.
  6. repec:cge:warwcg:33 is not listed on IDEAS
  7. 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.
  8. Giovanni Federico, 2011. "A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940," Working Papers 0011, European Historical Economics Society (EHES).

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