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Early globalizations: The integration of Asia in the world economy, c. 1800-1938

Author

Listed:
  • David Chilosi

    (London School of Economics)

  • Giovanni Federico

    (University of Pisa)

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.
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Suggested Citation

  • David Chilosi & Giovanni Federico, 2013. "Early globalizations: The integration of Asia in the world economy, c. 1800-1938," Working Papers 13020, Economic History Society.
    • Handle: RePEc:ehs:wpaper:13020
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    2. Chen, Shuo & Li, Jianan & Yao, Qin, 2024. "Canal and trade: Transportation infrastructure and market integration in China, 1780–1911," Journal of Comparative Economics, Elsevier, vol. 52(4), pages 793-812.
    3. 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.
    4. Adhitya Wardhono & Panji Tirta Nirwana Putra & M. Abd. Nasir, 2016. "Causal study of macroeconomic indicators on carbon dioxide emission in ASEAN 5," ECONOMICS AND POLICY OF ENERGY AND THE ENVIRONMENT, FrancoAngeli Editore, vol. 2016(2), pages 15-31.
    5. 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.
    6. Tahir Andrabi & Sheetal Bharat & Michael Kuehlwein, 2021. "Information And Price Convergence:Telegraphs In British India," BASE University Working Papers 04/2021, BASE University, Bengaluru, India.
    7. Stephens, Holly & Assistant, JHET, 2020. "Rice Cycles and Price Cycles: Local Knowledge and Global Trade in Korea, 1870—1933," OSF Preprints 6hfqa, Center for Open Science.
    8. Kevin Hjortshøj O’Rourke, 2018. "Economic history and contemporary challenges to globalization," Oxford Economic and Social History Working Papers _167, University of Oxford, Department of Economics.
    9. Wolfgang Keller & Markus Lampe & Carol H. Shiue, 2020. "International Transactions: Real Trade and Factor Flows between 1700 and 1870," NBER Working Papers 26865, National Bureau of Economic Research, Inc.
    10. O’Rourke, Kevin Hjortshøj, 2019. "Economic History and Contemporary Challenges to Globalization," The Journal of Economic History, Cambridge University Press, vol. 79(2), pages 356-382, June.
    11. Aslanidis, Nektarios & Martínez Ibáñez, Oscar & Tadei, Federico, 2020. "The Integration of West Africa in the Global Economy, 1842-1938," Working Papers 2072/417678, Universitat Rovira i Virgili, Department of Economics.
    12. Bassino, Jean-Pascal & van der Eng, Pierre, 2019. "Japan and the Asian Divergence: Market Integration, Climate Anomalies and Famines during the 18th and 19th Centuries," CEI Working Paper Series 2018-18, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.

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    JEL classification:

    • N00 - Economic History - - General - - - General

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