Europe’s Many Integrations: Geography and Grain Markets, 1620-1913

David Chilosi, Tommy Murphy and Roman Studer

No 412, Working Papers from IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University

Abstract: This article documents and examines the integration of grain markets in Europe across the early modern/late modern divide and across distances and regions. It relies on principal component analysis to identify market structures. The analysis finds that a European market emerged only in the nineteenth century, but the process had earlier roots. In early modern times a fall in trading costs was followed by an increase in market efficiency. Gradually expanding processes of integration unfolded in the long-run. Early modern regional integration was widespread but uneven, with North-Western Europe reaching high levels of integration at a particularly early stage. Low-land European markets tended to be larger and better integrated than in land-locked Europe, especially within large, centralised states. In the nineteenth century, national markets grew in old states, but continental and domestic dynamics had become strictly linked.

Date: 2011
New Economics Papers: this item is included in nep-agr, nep-geo and nep-his
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Journal Article: Europe's many integrations: Geography and grain markets, 1620–1913 (2013)
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