Commodity Market Integration, 1500-2000

Ronald Findlay and Kevin O'Rourke

No 8579, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper provides a summary of what is known about trends in international commodity market integration during the second half of the second millennium. The range of goods which have been traded between continents since the Voyages of Discovery has steadily increased over time, and there has been substantial commodity market integration over the period, driven by technology in the 19th century and politics in the late 20th century. However, this trend towards greater market integration was not monotonic; it was periodically interrupted by shocks such as wars and world depressions, or by endogenous political responses to the distributional effects of globalization itself. In some periods politics has reinforced the effects of technology, while in other periods it has offset them. In several cases, severe shocks have had long-run effects on the international integration of commodity markets, as a result of politically induced hysteresis. Finally, we know remarkably little about international commodity market integration during the 20th century.

JEL-codes: F1 N7 (search for similar items in EconPapers)
Date: 2001-11
Note: ITI
References: View complete reference list from CitEc
Citations: View citations in EconPapers (3)

Published as Commodity Market Integration, 1500-2000 , Ronald Findlay, Kevin H. O'Rourke. in Globalization in Historical Perspective , Bordo, Taylor, and Williamson. 2003

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Related works:
Chapter: Commodity Market Integration, 1500-2000 (2003)
Working Paper: Commodity Market Integration 1500-2000 (2002)
Working Paper: Commodity market integration, 1500-2000 (2001)
Working Paper: Commodity market integration, 1500-2000 (2001)
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