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

Chilosi, David ORCID: 0000-0002-2251-0381 and Federico, Giovanni (2015) Early globalizations: the integration of Asia in the world economy, 1800–1938. Explorations in Economic History, 57. pp. 1-18. ISSN 0014-4983

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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.

Item Type:	Article
Official URL:	http://www.sciencedirect.com/science/journal/00144...
Additional Information:	© 2015 Elsevier
Divisions:	Economic History
Subjects:	H Social Sciences > HC Economic History and Conditions
JEL classification:	F - International Economics > F1 - Trade > F14 - Country and Industry Studies of Trade F - International Economics > F1 - Trade > F15 - Economic Integration N - Economic History > N7 - Transport, International and Domestic Trade, Energy, Technology, and Other Services > N74 - Europe: 1913- N - Economic History > N7 - Transport, International and Domestic Trade, Energy, Technology, and Other Services > N75 - Asia including Middle East O - Economic Development, Technological Change, and Growth > O4 - Economic Growth and Aggregate Productivity > O40 - General
Date Deposited:	22 Dec 2015 14:42
Last Modified:	24 Apr 2024 21:33
URI:	http://eprints.lse.ac.uk/id/eprint/64785

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