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The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West

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  • DOBADO-GONZÁLEZ, RAFAEL
  • GARCÍA-HIERNAUX, ALFREDO
  • GUERRERO, DAVID E.

Abstract

Globalization, if defined as the integration of international commodity markets, started in the eighteenth century and progressed gradually and with some setbacks into the nineteenth century, instead of suddenly appearing at some point after the 1820s. We use grain prices in Europe and the Americas to determine the extent and dynamics of market integration throughout the eighteenth and nineteenth centuries. An innovative methodology, with special attention being paid to changes in residual dispersion of the univariate models of relative prices between markets, permits us to obtain a measure of market integration over time.

Suggested Citation

  • Dobado-González, Rafael & García-Hiernaux, Alfredo & Guerrero, David E., 2012. "The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West," The Journal of Economic History, Cambridge University Press, vol. 72(3), pages 671-707, August.
    • Handle: RePEc:cup:jechis:v:72:y:2012:i:03:p:671-707_00
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    Cited by:

    1. Garcia-Hiernaux, Alfredo & Guerrero, David E., 2021. "Price convergence: Representation and testing," Economic Modelling, Elsevier, vol. 104(C).
    2. Mario J. Crucini & Gregor W. Smith, 2016. "Distance And Time Effects In Swedish Commodity Prices, 1732-1914," Working Paper 1357, Economics Department, Queen's University.
    3. García-Hiernaux, Alfredo & Guerrero, David E. & McAleer, Michael, 2016. "Market integration dynamics and asymptotic price convergence in distribution," Economic Modelling, Elsevier, vol. 52(PB), pages 913-925.
    4. CERMEÑO, Alexandra L. & SANTIAGO-Caballero, Carlos, 2023. "Closing the price gap - Von Thünen applied to wheat markets in 18th century Spain," CEI Working Paper Series 2023-01, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    5. Laura Maravall, 2020. "Factor endowments on the ‘frontier’: Algerian settler agriculture at the beginning of the 1900s," Economic History Review, Economic History Society, vol. 73(3), pages 758-784, August.
    6. Rafael, Dobado-González & Alfredo, García-Hiernaux & David, Guerrero-Burbano, 2013. "West versus East: Early Globalization and the Great Divergence," MPRA Paper 48773, University Library of Munich, Germany.
    7. Dobado-González, Rafael, 2013. "La globalización hispana del comercio y el arte en la Edad Moderna [The hispanic globalization of commerce and art in the early modern era]," MPRA Paper 51112, University Library of Munich, Germany.
    8. Peter H. Lindert, 2016. "Purchasing Power Disparity before 1914," NBER Working Papers 22896, National Bureau of Economic Research, Inc.
    9. Alexander Pütz & Pierre L. Siklos & Christoph Sulewski, 2019. "“Who pays the piper calls the tune” – Networks and transaction costs in commodity markets," CQE Working Papers 8819, Center for Quantitative Economics (CQE), University of Muenster.
    10. Cannon, Edmund & Brunt, Liam, 2013. "Integration in the English wheat market 1770-1820," CEPR Discussion Papers 9504, C.E.P.R. Discussion Papers.
    11. Mikio Ito & Kiyotaka Maeda & Akihiko Noda, 2016. "Market Integration in the Prewar Japanese Rice Markets," Papers 1604.00148, arXiv.org, revised Sep 2017.
    12. Daniel Cassidy & Nick Hanley, 2020. "Regional market integration and the emergence of a Scottish national grain market," Working Papers 0200, European Historical Economics Society (EHES).
    13. Michel Fouquin & Jules Hugot, 2016. "Back to the Future: International Trade Costs and the Two Globalizations," Vniversitas Económica 15130, Universidad Javeriana - Bogotá.

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