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West versus Far East: early globalization and the great divergence

Author

Listed:
  • Rafael Dobado-González

    () (Universidad Complutense de Madrid, Madrid, Spain)

  • Alfredo García-Hiernaux

    () (Universidad Complutense de Madrid, Madrid, Spain)

  • David E. Guerrero

    () (Centro Universitario de Estudios Financieros (CUNEF), Madrid, Spain)

Abstract

This paper addresses two important topics in recent economic historiography: globalization and the great divergence. We first present a search for statistical evidence in the Far East of an “Early Globalization” comparable to the one ongoing in the West since the mid-eighteenth century. Moreover, we analyze the extent of the integration of rice markets in Central southeast China and Japan during the eighteenth and nineteenth centuries and its functioning in comparison with Western countries. Finally, the relevance of our findings for the debate on the great divergence is discussed. Our primary conclusions are as follows: (1) in contrast to the West, no international integration of the grain markets existed in the Far East during the Early Modern Era; (2) significant levels of domestic market integration were reached in some Far Eastern countries; (3) integration of the domestic grain markets may be reached through various combinations of agents and policies with dissimilar effects on long-run economic growth, which are better in the West and worse in the Far East. We suggest that the absence of an “Early Globalization” in the Far East reveals the existence of certain economic and institutional limitations in this part of the world that may have made contribution to its “Great Divergence” with the West from at least the eighteenth century.

Suggested Citation

  • Rafael Dobado-González & Alfredo García-Hiernaux & David E. Guerrero, 2015. "West versus Far East: early globalization and the great divergence," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 9(2), pages 235-264, May.
  • Handle: RePEc:afc:cliome:v:9:y:2015:i:2:p:235-264
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    File URL: http://dx.doi.org/10.1007/s11698-014-0115-9
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    Cited by:

    1. García-Hiernaux, Alfredo & Guerrero, David E. & McAleer, Michael, 2016. "Market integration dynamics and asymptotic price convergence in distribution," Economic Modelling, Elsevier, vol. 52(PB), pages 913-925.
    2. Peter H. Lindert, 2016. "Purchasing Power Disparity before 1914," NBER Working Papers 22896, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    Economic history; Market integration; Globalization; Great divergence; Time series analysis;

    JEL classification:

    • C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
    • F15 - International Economics - - Trade - - - Economic Integration
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
    • N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative

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