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Law through practice: London and Liverpool commodity markets c.1820-1975

Author

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  • Cranston, Ross

Abstract

Although now forgotten, organized markets in commodities like grain, cotton, sugar, coffee and spices became firmly established in London and Liverpool in the nineteenth century. These markets were stimulated by the rising volume of international trade, as Britain became the first industrial nation, a major importer of these commodities and a centre for organising their distribution elsewhere, especially in Europe. The story of these markets, and the role of law in their operation, is fascinating in itself. However, it also enables us to test some ideas about markets against the reality of what were, for a time, some of the leading physical and futures markets in commodities in the world. The first part of this article outlines key features in the organisation and operation of these markets; the second part concentrates on the central, if uncelebrated, functions of clearing and settling transactions in these markets; and finally there is a discussion of market integrity and the role of law in curbing abuse.

Suggested Citation

  • Cranston, Ross, 2007. "Law through practice: London and Liverpool commodity markets c.1820-1975," LSE Research Online Documents on Economics 24619, London School of Economics and Political Science, LSE Library.
  • Handle: RePEc:ehl:lserod:24619
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    File URL: http://eprints.lse.ac.uk/24619/
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    Cited by:

    1. Jérôme Sgard, 2019. "The Private Governance of a Global Market: The London Corn Trade Association, 1885-1914," Working Papers hal-03594359, HAL.

    More about this item

    Keywords

    contract; restitution and commercial law; corporate; insolvency and financial law;
    All these keywords.

    JEL classification:

    • F3 - International Economics - - International Finance
    • G3 - Financial Economics - - Corporate Finance and Governance

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