What’s in a price? The American raw cotton market in Liverpool and the Anglo-American War

Sheryllynne Haggerty

Business History, 2019, vol. 61, issue 6, 942-970

Abstract: This article argues that an embryonic futures market was present in Liverpool during the Anglo-American War. The analysis of a previously unseen data-set of printed Prices Currents has facilitated not only a price series of raw cotton prices, but an in-depth analysis of the ‘construction’ of those raw cotton prices. By positing a definition of an embryonic futures market and then analysing each of the features of a such a market in turn, this study demonstrates the existence of an embryonic futures market in early nineteenth-century Liverpool.

Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:taf:bushst:v:61:y:2019:i:6:p:942-970

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DOI: 10.1080/00076791.2018.1434146

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