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European goods market integration in the very long run: from the Black Death to the First World War

Federico, Giovanni, Schulze, Max-Stephan and Volckart, Oliver (2018) European goods market integration in the very long run: from the Black Death to the First World War. Economic History working papers (277/2018). London School of Economics and Political Science, London, UK.

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Abstract

The paper examines price convergence and increases in the efficiency of wheat markets across Europe from the mid-fourteenth to the early twentieth century. The analysis is based on a new data set of prices from more than 500 markets. Unlike previous research, we find that convergence was a predominantly pre-modern phenomenon. It started in the late fifteenth and reached a first high point in the early seventeenth century - a level of integration that was surpassed only in the nineteenth century. In terms of market integration, the ‘little divergence’ between parts of North-Western Europe and the rest of the continent appears since about 1600. Long-term improvements in market efficiency began in the early sixteenth century, with advances being temporarily as uneven as in price convergence. We trace this to uneven institutional change and the non-synchronous spread of modern media and systems of information transmission that affected the ability of merchants to react to news.

Item Type: Monograph (Working Paper)
Official URL: http://www.lse.ac.uk/Economic-History
Additional Information: © 2018 The Authors
Divisions: Economic History
Subjects: D History General and Old World > D History (General) > D901 Europe (General)
H Social Sciences > HC Economic History and Conditions
JEL classification: N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N13 - Europe: Pre-1913
N - Economic History > N1 - Macroeconomics and Monetary Economics; Growth and Fluctuations > N14 - Europe: 1913-
N - Economic History > N5 - Agriculture, Natural Resources, Environment, and Extractive Industries > N53 - Europe: Pre-1913
N - Economic History > N5 - Agriculture, Natural Resources, Environment, and Extractive Industries > N54 - Europe: 1913-
N - Economic History > N7 - Transport, International and Domestic Trade, Energy, Technology, and Other Services > N73 - Europe: Pre-1913
N - Economic History > N7 - Transport, International and Domestic Trade, Energy, Technology, and Other Services > N74 - Europe: 1913-
N - Economic History > N9 - Regional and Urban History > N90 - General, International, or Comparative
Sets: Departments > Economic History
Collections > Economists Online
Date Deposited: 13 Mar 2018 10:57
Last Modified: 20 Feb 2019 04:06
URI: http://eprints.lse.ac.uk/id/eprint/87184

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