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

Author

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  • Giovanni Federico

    (European University Institute and University of Pisa)

Abstract

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.

Suggested Citation

  • Giovanni Federico, 2011. "A Tale of Two Oceans: Market Integration Over the High Seas, 1800-1940," Working Papers 0011, European Historical Economics Society (EHES).
    • Handle: RePEc:hes:wpaper:0011
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    File URL: https://ehes.org/wp/EHES_No11.pdf
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    References listed on IDEAS

    as
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Electrification, skills and manufacturing
      by Chris Colvin in NEP-HIS blog on 2012-01-29 00:15:01

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