Commodity Market Integration, 1500-2000
AbstractThis paper provides a summary of what is known about trends in international commodity market integration during the second half of the second millennium. The range of goods which have been traded between continents since the Voyages of Discovery has steadily increased over time, and there has been substantial commodity market integration over the period, driven by technology in the 19th century and politics in the late 20th century. However, this trend towards greater market integration was not monotonic; it was periodically interrupted by shocks such as wars and world depressions, or by endogenous political responses to the distributional effects of globalization itself. In some periods politics has reinforced the effects of technology, while in other periods it has offset them. In several cases, severe shocks have had long-run effects on the international integration of commodity markets, as a result of politically induced hysteresis. Finally, we know remarkably little about international commodity market integration during the 20th century.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8579.
Date of creation: Nov 2001
Date of revision:
Publication status: published as Ronald Findlay, Kevin H. O'Rourke. "Commodity Market Integration, 1500–2000," in Michael D. Bordo, Alan M. Taylor and Jeffrey G. Williamson, editors, "Globalization in Historical Perspective" University of Chicago Press (2003)
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Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
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Other versions of this item:
- Ronald Findlay & Kevin H. O'Rourke, 2002. "Commodity market integration, 1500-2000," Discussion Papers 0102-30, Columbia University, Department of Economics.
- R. Findlay & K. H. O'Rourke, 2001. "Commodity market integration, 1500-2000," CEG Working Papers 20019, Trinity College Dublin, Department of Economics.
- R. Findlay & K. H. O'Rourke, 2001. "Commodity market integration, 1500-2000," Trinity Economics Papers 200113, Trinity College Dublin, Department of Economics.
- Findlay, Ronald & O'Rourke, Kevin H, 2002. "Commodity Market Integration 1500-2000," CEPR Discussion Papers 3125, C.E.P.R. Discussion Papers.
- F1 - International Economics - - Trade
- N7 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services
This paper has been announced in the following NEP Reports:
- NEP-ALL-2001-11-05 (All new papers)
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