Early globalizations

The integration of Asia in the world economy, 1800-1938

David Chilosi, Giovanni Federico

    Research output: Contribution to journalArticle

    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.

    Original languageEnglish (US)
    Pages (from-to)1-18
    Number of pages18
    JournalExplorations in Economic History
    Volume57
    DOIs
    StatePublished - Jan 1 2015

    Fingerprint

    Asia
    World economy
    Globalization
    World Economy
    China
    Price convergence
    Layout
    Monopoly
    Asian countries
    Indonesia
    Coast
    Communication
    Disintegration
    Second World War
    Divergence
    Cable
    Japan
    World market
    India
    Commodities

    Keywords

    • Asia
    • Economic growth
    • Globalization
    • International trade
    • Market integration
    • Nineteenth century

    ASJC Scopus subject areas

    • History
    • Economics and Econometrics

    Cite this

    Early globalizations : The integration of Asia in the world economy, 1800-1938. / Chilosi, David; Federico, Giovanni.

    In: Explorations in Economic History, Vol. 57, 01.01.2015, p. 1-18.

    Research output: Contribution to journalArticle

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