IDEAS home Printed from https://ideas.repec.org/p/oxf/wpaper/395.html
   My bibliography  Save this paper

Globalization, 1870-1914

Author

Listed:
  • Matthias Morys
  • Guillaume Daudin
  • Kevin H. O'Rourke

Abstract

This paper surveys the causes and consequences of late 19th century globalization, as well as the anti-globalization backlash of that period.

Suggested Citation

  • Matthias Morys & Guillaume Daudin & Kevin H. O'Rourke, 2008. "Globalization, 1870-1914," Economics Series Working Papers 395, University of Oxford, Department of Economics.
  • Handle: RePEc:oxf:wpaper:395
    as

    Download full text from publisher

    File URL: https://ora.ox.ac.uk/objects/uuid:3251f836-1764-4011-b30c-4e30b2268376
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. 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(4), pages 892-916, December.
    2. Lucas, Robert E, Jr, 1990. "Why Doesn't Capital Flow from Rich to Poor Countries?," American Economic Review, American Economic Association, vol. 80(2), pages 92-96, May.
    3. Avner Offer, 1993. "The British empire, 1870-1914: a waste of money?," Economic History Review, Economic History Society, vol. 46(2), pages 215-238, May.
    4. Barry Chiswick & Timothy J. Hatton, 2003. "International Migration and the Integration of Labor Markets," NBER Chapters, in: Globalization in Historical Perspective, pages 65-120, National Bureau of Economic Research, Inc.
    5. Paolo Mauro & Nathan Sussman & Yishay Yafeh, 2002. "Emerging Market Spreads: Then versus Now," The Quarterly Journal of Economics, Oxford University Press, vol. 117(2), pages 695-733.
    6. Antoni Estevadeordal & Brian Frantz & Alan M. Taylor, 2003. "The Rise and Fall of World Trade, 1870–1939," The Quarterly Journal of Economics, Oxford University Press, vol. 118(2), pages 359-407.
    7. Timothy J. Hatton & Jeffrey G. Williamson, 2008. "Global Migration and the World Economy: Two Centuries of Policy and Performance," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262582775, December.
    8. Feldstein, Martin & Horioka, Charles, 1980. "Domestic Saving and International Capital Flows," Economic Journal, Royal Economic Society, vol. 90(358), pages 314-329, June.
    9. Lindert,Peter H., 2009. "Growing Public," Cambridge Books, Cambridge University Press, number 9780521529174, January.
    10. Prados de la Escosura, Leandro, 2000. "International Comparisons of Real Product, 1820-1990: An Alternative Data Set," Explorations in Economic History, Elsevier, vol. 37(1), pages 1-41, January.
    11. Taylor, Alan M. & Williamson, Jeffrey G., 1997. "Convergence in the age of mass migration," European Review of Economic History, Cambridge University Press, vol. 1(1), pages 27-63, April.
    12. Peter Lindert, 2004. "Social Spending and Economic Growth," Challenge, Taylor & Francis Journals, vol. 47(4), pages 6-16.
    13. Christopher M. Meissner, 2003. "Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era," American Economic Review, American Economic Association, vol. 93(1), pages 344-353, March.
    14. William N. Goetzmann & Andrey D. Ukhov, 2006. "British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach," Review of Finance, European Finance Association, vol. 10(2), pages 261-300.
    15. Michael D. Bordo, 1995. "The Gold Standard as a `Good Housekeeping Seal of Approval'," NBER Working Papers 5340, National Bureau of Economic Research, Inc.
    16. Marc Flandreau & Mathilde Maurel, 2005. "Monetary Union, Trade Integration, and Business Cycles in 19th Century Europe," Open Economies Review, Springer, vol. 16(2), pages 135-152, April.
    17. Frédéric Zumer & Marc Flandreau, 2004. "The making of global finance : 1880-1913," Post-Print hal-03588770, HAL.
    18. Obstfeld,Maurice & Taylor,Alan M., 2005. "Global Capital Markets," Cambridge Books, Cambridge University Press, number 9780521671798.
    19. Clark, Gregory, 1987. "Why Isn't the Whole World Developed? Lessons from the Cotton Mills," The Journal of Economic History, Cambridge University Press, vol. 47(1), pages 141-173, March.
    20. Williamson, Jeffrey G., 2002. "Land, Labor, And Globalization In The Third World, 1870–1940," The Journal of Economic History, Cambridge University Press, vol. 62(1), pages 55-85, March.
    21. Kevin H. O'Rourke & Jeffrey G. Williamson, 2001. "Globalization and History: The Evolution of a Nineteenth-Century Atlantic Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262650592, December.
    22. Peter Temin, 1987. "Capital exports, 1870-1914: an alternative model," Economic History Review, Economic History Society, vol. 40(3), pages 453-458, August.
    23. Ronald Findlay & Kevin H. O'Rourke, 2007. "Introduction to Power and Plenty: Trade, War, and the World Economy in the Second Millennium," Introductory Chapters, in: Power and Plenty: Trade, War, and the World Economy in the Second Millennium, Princeton University Press.
    24. Guillermo A. Calvo, 1998. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops," Journal of Applied Economics, Universidad del CEMA, vol. 1, pages 35-54, November.
    25. Gregory Clark & Robert C. Feenstra, 2003. "Technology in the Great Divergence," NBER Chapters, in: Globalization in Historical Perspective, pages 277-322, National Bureau of Economic Research, Inc.
    26. Jeffrey G. Williamson, 2002. "Winners and Losers Over Two Centuries of Globalization," NBER Working Papers 9161, National Bureau of Economic Research, Inc.
    27. Ronald Findlay & Kevin H. O'Rourke, 2007. "Power and Plenty: Trade, War and the World Economy in the Second Millennium (Preface)," Trinity Economics Papers tep0107, Trinity College Dublin, Department of Economics.
    28. Marc Flandreau & Mathilde Maurel, 2005. "Monetary Union, Trade Integration, and Business Cycles in 19th Europe," SciencePo Working papers Main halshs-00308756, HAL.
    29. Jacks, David S., 2006. "What drove 19th century commodity market integration?," Explorations in Economic History, Elsevier, vol. 43(3), pages 383-412, July.
    30. Hatton, Timothy J. & Williamson, Jeffrey G., 1998. "The Age of Mass Migration: Causes and Economic Impact," OUP Catalogue, Oxford University Press, number 9780195116519, Decembrie.
    31. Huberman, Michael, 2004. "Working Hours of the World Unite? New International Evidence of Worktime, 1870–1913," The Journal of Economic History, Cambridge University Press, vol. 64(4), pages 964-1001, December.
    32. Rui Pedro Esteves, 2008. "Between Imperialism and Capitalism. European Capital Exports Before 1914," Working Papers 8022, Economic History Society.
    33. Kris James Mitchener & Marc Weidenmier, 2008. "Trade and Empire," NBER Working Papers 13765, National Bureau of Economic Research, Inc.
    34. Michael Huberman, 2008. "Ticket to trade: Belgian labour and globalization before 19141," Economic History Review, Economic History Society, vol. 61(2), pages 326-359, May.
    35. Niall Ferguson & Moritz Schularick, 2004. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880-1913," Working Papers 04-03, New York University, Leonard N. Stern School of Business, Department of Economics.
    36. Metzer, Jacob, 1974. "Railroad Development and Market Integration: The Case of Tsarist Russia," The Journal of Economic History, Cambridge University Press, vol. 34(3), pages 529-550, September.
    37. Ferguson, Niall & Schularick, Moritz, 2006. "The Empire Effect: The Determinants of Country Risk in the First Age of Globalization, 1880–1913," The Journal of Economic History, Cambridge University Press, vol. 66(2), pages 283-312, June.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Emanuele Felice & Giovanni Vecchi, 2012. "Italy’s Modern Economic Growth, 1861-2011," Department of Economics University of Siena 663, Department of Economics, University of Siena.
    2. Tenold, Stig, 2014. "Globalisation and maritime labour in Norway after World War II," Discussion Paper Series in Economics 17/2014, Norwegian School of Economics, Department of Economics.
    3. Baffigi, Alberto & Bontempi, Maria Elena & Felice, Emanuele & Golinelli, Roberto, 2015. "The changing relationship between inflation and the economic cycle in Italy: 1861–2012," Explorations in Economic History, Elsevier, vol. 56(C), pages 53-70.
    4. Matthias Morys & Martin Ivanov, 2015. "The emergence of a European region: business cycles in South-East Europe from political independence to World War II," European Review of Economic History, Oxford University Press, vol. 19(4), pages 382-411.
    5. Christie Swanepoel & Philip T. Fliers, 2021. "The fuel of unparalleled recovery: Monetary policy in South Africa between 1925 and 1936," Economic History of Developing Regions, Taylor & Francis Journals, vol. 36(2), pages 213-244, May.
    6. Paolo Di Martino, 2021. "Central Banks' Intervention in Exchange Rate Markets During the "Classical" Gold Standard: Italy 1880-1913," Working papers 072, Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino.
    7. Matthias Morys, 2015. "Any lessons for today? Exchange-rate stabilisation in Greece and South-East Europe between economic and political objectives and fiscal reality, 1841-1939," Working Papers 0084, European Historical Economics Society (EHES).
    8. Matthias Morys, 2016. "Financial supervision to fight fiscal dominance? The gold standard in Greece and South-East Europe between economic and political objectives and fiscal reality, 1841-1939," Discussion Papers 16/05, Department of Economics, University of York.
    9. Albert Carreras & Camilla Josephson, 2009. "Growing at the production frontier. European aggregate growth, 1870-1914," Economics Working Papers 1179, Department of Economics and Business, Universitat Pompeu Fabra.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. repec:hal:spmain:info:hdl:2441/6145 is not listed on IDEAS
    2. Guillaume Daudin & Matthias Morys & Kevin O'Rourke, 2008. "Europe and Globalization, 1870-1914," Sciences Po publications 2008-17, Sciences Po.
    3. repec:hal:wpspec:info:hdl:2441/6145 is not listed on IDEAS
    4. repec:spo:wpecon:info:hdl:2441/6145 is not listed on IDEAS
    5. Meissner, Christopher M., 2014. "Growth from Globalization? A View from the Very Long Run," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 8, pages 1033-1069, Elsevier.
    6. Kevin H. O'Rourke, 2003. "The Era of Free Migration: Lessons for Today," Trinity Economics Papers 200315, Trinity College Dublin, Department of Economics.
    7. Jacks, David S. & Meissner, Christopher M. & Novy, Dennis, 2010. "Trade costs in the first wave of globalization," Explorations in Economic History, Elsevier, vol. 47(2), pages 127-141, April.
    8. Taylor, Alan M. & Wilson, Janine L.F., 2011. "International trade and finance: Complementaries in the United Kingdom 1870-1913 and the United States 1920-1930," Journal of International Money and Finance, Elsevier, vol. 30(1), pages 268-288, February.
    9. Julio Martínez-Galarraga, 2014. "Market potential estimates in history: a survey of methods and an application to Spain, 1867-1930," Working Papers 0051, European Historical Economics Society (EHES).
    10. Flandreau, Marc & Zumer, Frederic & Accominotti, Olivier & Rezzik, Riad, 2008. "Black Man?s Burden: Measured Philanthropy in the British Empire, 1880-1913," CEPR Discussion Papers 6811, C.E.P.R. Discussion Papers.
    11. Alan M. Taylor & Janine L. F. Wilson, 2006. "International Trade and Finance under the Two Hegemons: Complementaries in the United Kingdom 1870-1913 and the United States 1920-30," NBER Working Papers 12543, National Bureau of Economic Research, Inc.
    12. Rui P. Esteves, 2011. "The Political Economy of Global Financial Liberalisation in Historical Perspective," Oxford University Economic and Social History Series _089, Economics Group, Nuffield College, University of Oxford.
    13. Hatton, Tim & Williamson, Jeffrey G., 2006. "What Determines Immigrations' Impact? Comparing Two Global Centuries," CEPR Discussion Papers 5885, C.E.P.R. Discussion Papers.
    14. Volosovych, Vadym, 2011. "Measuring financial market integration over the long run: Is there a U-shape?," Journal of International Money and Finance, Elsevier, vol. 30(7), pages 1535-1561.
    15. Esteves, Rui & Eichengreen, Barry, 2019. "The Trials of the Trilemma: International Finance 1870-2017," CEPR Discussion Papers 13465, C.E.P.R. Discussion Papers.
    16. Mitchener, Kris James & Pina, Gonçalo, 2020. "Pegxit pressure," Journal of International Money and Finance, Elsevier, vol. 107(C).
    17. Chernyshoff, Natalia & Jacks, David S. & Taylor, Alan M., 2009. "Stuck on gold: Real exchange rate volatility and the rise and fall of the gold standard, 1875-1939," Journal of International Economics, Elsevier, vol. 77(2), pages 195-205, April.
    18. Rui Pedro Esteves, 2008. "Between Imperialism and Capitalism. European Capital Exports Before 1914," Working Papers 8022, Economic History Society.
    19. Mitchener, Kris James & Shizume, Masato & Weidenmier, Marc D., 2010. "Why did Countries Adopt the Gold Standard? Lessons from Japan," The Journal of Economic History, Cambridge University Press, vol. 70(1), pages 27-56, March.
    20. Kramer, Bert S. & Milionis, Petros, 2022. "Democratic constraints and adherence to the classical gold standard," Explorations in Economic History, Elsevier, vol. 84(C).
    21. Timothy J. Hatton, 2010. "The Cliometrics Of International Migration: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 941-969, December.
    22. Moritz Schularick & Thomas M. Steger, 2006. "Does Financial Integration Spur Economic Growth? New Evidence from the First Era of Financial Globalization," CER-ETH Economics working paper series 06/46, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich.
    23. Gianfranco Di Vaio & Kerstin Enflo, 2009. "Did Globalization Lead to Segmentation? Identifying Cross-Country Growth Regimes in the Long-Run," Discussion Papers 09-08, University of Copenhagen. Department of Economics.

    More about this item

    Keywords

    Trade; Migration; Capital Flows; History;
    All these keywords.

    JEL classification:

    • N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913
    • N33 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - Europe: Pre-1913
    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oxf:wpaper:395. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Anne Pouliquen (email available below). General contact details of provider: https://edirc.repec.org/data/sfeixuk.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.