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West versus East: Early Globalization and the Great Divergence

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  • Rafael, Dobado-González
  • Alfredo, García-Hiernaux
  • David, Guerrero-Burbano

Abstract

This paper extends our previous work on grain market integration across Europe and the Americas in the eighteenth and nineteenth centuries (Dobado, García-Hiernaux and Guerrero, 2012). By using the same econometric methodology, we now present: 1) a search for statistical evidence in the East of an “Early Globalization” comparable to the one ongoing in the West by mid eighteenth century; 2) a study on the integration of grain markets in China and Japan and its functioning in comparison to Western countries; 3) a discussion of the relevance of our findings for the debate on the Great Divergence. Our main conclusions are: 1) substantial differences in the degree of integration and the functioning of grain markets are observed between East and West; 2) a certain degree of integration may be reached through different combinations of factors (agents, policies, etc.) and with dissimilar effects on long-run economic growth; 3) the absence of an “Early Globalization” in the East reveals the existence of some economic and institutional limitations in this part of the world and contributed to its “Great Divergence” with the West from at least the eighteenth century.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 48773.

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Date of creation: Jul 2013
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Handle: RePEc:pra:mprapa:48773

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Keywords: economic history; market integration; globalization; great divergence; time series analysis;

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  1. Ejrnaes, Mette & Persson, Karl Gunnar, 2000. "Market Integration and Transport Costs in France 1825-1903: A Threshold Error Correction Approach to the Law of One Price," Explorations in Economic History, Elsevier, vol. 37(2), pages 149-173, April.
  2. Daniel M. Bernhofen & John C. Brown, 2005. "An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan," American Economic Review, American Economic Association, vol. 95(1), pages 208-225, March.
  3. Péter Földvári & Bas van Leeuwen, 2011. "What can price volatility tell us about market efficiency? Conditional heteroscedasticity in historical commodity price series," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 5(2), pages 165-186, June.
  4. Keller, Wolfgang & Li, Ben & Shiue, Carol Hua, 2012. "Shanghai’s Trade, China’s Growth: Continuity, Recovery, and Change since the Opium War," CEPR Discussion Papers 8808, C.E.P.R. Discussion Papers.
  5. Carol H. Shiue & Wolfgang Keller, 2004. "Markets in China and Europe on the Eve of the Industrial Revolution," NBER Working Papers 10778, National Bureau of Economic Research, Inc.
  6. Dobado-González, Rafael & García-Hiernaux, Alfredo & Guerrero, David E., 2012. "The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West," The Journal of Economic History, Cambridge University Press, vol. 72(03), pages 671-707, September.
  7. David S. Landes, 2006. "Why Europe and the West? Why Not China?," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 3-22, Spring.
  8. O Rourke, Kevin H, 2006. "The worldwide economic impact of the French Revolutionary and Napoleonic Wars, 1793 1815," Journal of Global History, Cambridge University Press, vol. 1(01), pages 123-149, March.
  9. Kevin H. O’Rourke, 2009. "Power and Plenty in 2030," The Institute for International Integration Studies Discussion Paper Series iiisdp298, IIIS.
  10. Jan De Vries, 2010. "The limits of globalization in the early modern world," Economic History Review, Economic History Society, vol. 63(3), pages 710-733, 08.
  11. Li, Bozhong & van Zanden, Jan Luiten, 2012. "Before the Great Divergence? Comparing the Yangzi Delta and the Netherlands at the Beginning of the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 72(04), pages 956-989, December.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. When did Globalization Actually Started?
    by bbatiz in NEP-HIS blog on 2014-04-21 18:13:04
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Cited by:
  1. Dobado-González, Rafael, 2013. "La globalización hispana del comercio y el arte en la Edad Moderna
    [The hispanic globalization of commerce and art in the early modern era]
    ," MPRA Paper 51112, University Library of Munich, Germany.

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