Early globalizations: the integration of Asia in the world economy, 1800–1938

David Chilosi and Giovanni Federico

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

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.

Keywords: Globalization; Market integration; International trade; Economic growth; Asia; Nineteenth century (search for similar items in EconPapers)
JEL-codes: F14 F15 N74 N75 O40 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-his, nep-int and nep-sea
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Citations: View citations in EconPapers (2)

Published in Explorations in Economic History, 2015, 57, pp. 1-18. ISSN: 0014-4983

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Related works:
Journal Article: Early globalizations: The integration of Asia in the world economy, 1800–1938 (2015)
Working Paper: Early globalizations: The integration of Asia in the world economy, c. 1800-1938 (2013)
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