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Early globalizations: The integration of Asia in the world economy, 1800–1938

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  • Chilosi, David
  • Federico, Giovanni

Abstract

This paper contributes to the debate on globalization and the great divergence with a comprehensive analysis of the integration of Asia in the world market from 1800 to the eve of World War II. We examine the patterns of convergence in prices for a wide range of commodities between Europe and the main Asian countries (India, Indonesia, Japan and China) and we compare them with convergence between Europe and the East Coast of the United States, hitherto the yardstick for the 19th century. Most price convergence occurred before 1870, mainly as a consequence of the abolition of the European trading monopolies with Asia, and, to a lesser extent, the repeal of duties on Atlantic trade. After 1870, price differentials continued to decline thanks to falling freights and to better communication after the lay-out of telegraph cables. There was only little disintegration in the inter-war years.

Suggested Citation

  • Chilosi, David & Federico, Giovanni, 2015. "Early globalizations: The integration of Asia in the world economy, 1800–1938," Explorations in Economic History, Elsevier, vol. 57(C), pages 1-18.
  • Handle: RePEc:eee:exehis:v:57:y:2015:i:c:p:1-18
    DOI: 10.1016/j.eeh.2015.04.001
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    Cited by:

    1. Kevin Hjortshøj O'Rourke, 2018. "Economic History and Contemporary Challenges to Globalization," NBER Working Papers 25364, National Bureau of Economic Research, Inc.
    2. repec:fan:efeefe:v:html10.3280/efe2016-002002 is not listed on IDEAS

    More about this item

    Keywords

    Globalization; Market integration; International trade; Economic growth; Asia; Nineteenth century;

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • N74 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: 1913-
    • N75 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Asia including Middle East

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