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The effects of market integration during the first globalization: a multi-market approach

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  • David Chilosi
  • Giovanni Federico

Abstract

This paper is a first attempt to measure the effects of international market integration on world trade and welfare in the ``long nineteenth century”. We run a multi-market partial equilibrium model, which takes into account the interactions between route-specific changes in trade costs, for the two most traded commodities, cotton and wheat. The collapse in trade costs accounted for 60 percent of the growth of trade for cotton and for 40 percent for wheat. As expected, welfare gains were larger for small open economies, but they were substantial also for large countries, with big differences determined by trade policies.

Suggested Citation

  • David Chilosi & Giovanni Federico, 2021. "The effects of market integration during the first globalization: a multi-market approach," European Review of Economic History, European Historical Economics Society, vol. 25(1), pages 20-58.
    • Handle: RePEc:oup:ereveh:v:25:y:2021:i:1:p:20-58.
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    File URL: http://hdl.handle.net/10.1093/ereh/heaa009
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    Cited by:

    1. Ljungqvist, Fredrik Charpentier & Seim, Andrea, 2024. "Reassessing grain price variability in early modern Europe (c. 1500–1800)," European Economic Review, Elsevier, vol. 170(C).
    2. John E. Murray & Javier Silvestre, 2020. "Integration in European coal markets, 1833–1913," Economic History Review, Economic History Society, vol. 73(3), pages 668-702, August.
    3. Vicente Pinilla & Henry Willebald, 2021. "Transition and Change in World Agriculture during the Interwar Years," Documentos de Trabajo (DT-AEHE) 2109, Asociación Española de Historia Económica.
    4. Klas Rönnbäck & Dimitrios Theodoridis, 2022. "Cotton cultivation under colonial rule in India in the nineteenth century from a comparative perspective," Economic History Review, Economic History Society, vol. 75(2), pages 374-395, May.

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