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A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940

  • Giovanni Federico

    ()

    (European University Institute and University of Pisa)

Long-range market integration is an essential component of globalization but it is still comparatively under-researched. The conventional wisdom relies heavily on the case of Atlantic trade in the period after 1870. This paper covers also the Indian Ocean and extends the period under consideration, from Waterloo to World War Two. Integration started in first half of the 19th century, and timing and extent of convergence differed substantially among products. The second part of the paper analyses the causes of the process with a panel regression and puts forwards a tentative estimate of its welfare effects. The key message of the paper is that simple generalizations about the first globalization are not good substitutes for empirical research.

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File URL: http://ehes.org/EHES_No11.pdf
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Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0011.

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Length: 27 pages
Date of creation: Oct 2011
Date of revision:
Handle: RePEc:hes:wpaper:0011
Contact details of provider: Web page: http://www.ehes.org

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  1. Javier Silvestre & Vicente Pinilla & Mª Isabel Ayuda, 2011. "The Labor Market Integration of Migrants: Barcelona, 1930," Economic Reports 02-2011, FEDEA.
  2. O Rourke, Kevin H. & Williamson, Jeffrey G., 2002. "When did globalisation begin?," European Review of Economic History, Cambridge University Press, vol. 6(01), pages 23-50, April.
  3. Fernando Mendiola Gonzalo, 2011. "Forced Labour in Franco's Spain: Workforce Supply, Profits and Productivity," Working Papers 0004, European Historical Economics Society (EHES).
  4. Marc Flandreau & Stefano Ugolini, 2011. "Where it all began: lending of last resort and the Bank of England during the Overend-Gurney panic of 1866," Working Paper 2011/03, Norges Bank.
  5. William Hynes, David S Jacks and Kevin H. O’Rourke, 2009. "Commodity Market Disintegration in the Interwar Period," The Institute for International Integration Studies Discussion Paper Series iiisdp285, IIIS.
  6. Knick Harley, C., 1980. "Transportation, the world wheat trade, and the Kuznets Cycle, 1850-1913," Explorations in Economic History, Elsevier, vol. 17(3), pages 218-250, July.
  7. O'Rourke, Kevin & Williamson, Jeffrey G., 1994. "Late Nineteenth-Century Anglo-American Factor-Price Convergence: Were Heckscher and Ohlin Right?," The Journal of Economic History, Cambridge University Press, vol. 54(04), pages 892-916, December.
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