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The Integration of Grain Markets in the Eighteenth Century: Early Rise of Globalization in the West

Published online by Cambridge University Press:  22 August 2012

RAFAEL DOBADO-GONZÁLEZ ,
ALFREDO GARCÍA-HIERNAUX  and
DAVID E. GUERRERO
RAFAEL DOBADO-GONZÁLEZ*
Affiliation:
Professor, Departament of Economic History, Universidad Complutense de Madrid, Campus de Somosaguas, 28224 Pozuelo de Alarcón, Madrid, Spain. E-mail: rdobado@ccee.ucm.es.
ALFREDO GARCÍA-HIERNAUX*
Affiliation:
Associate Professor, Department of Quantitative Economics, Economic and Business School, Universidad Complutense de Madrid, Campus de Somosaguas, 28224 Pozuelo de Alarcón, Madrid, Spain. E-mail: agarciah@ccee.ucm.es.
DAVID E. GUERRERO*
Affiliation:
Assistant Professor, CUNEF (Colegio Universitario de Estudios Financieros), Serrano Anguita 9, 28004 Madrid, Spain. E-mail: d-guerrero@cunef.edu.
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Abstract

Globalization, if defined as the integration of international commodity markets, started in the eighteenth century and progressed gradually and with some setbacks into the nineteenth century, instead of suddenly appearing at some point after the 1820s. We use grain prices in Europe and the Americas to determine the extent and dynamics of market integration throughout the eighteenth and nineteenth centuries. An innovative methodology, with special attention being paid to changes in residual dispersion of the univariate models of relative prices between markets, permits us to obtain a measure of market integration over time.

Type
ARTICLES
Information
The Journal of Economic History , Volume 72 , Issue 3 , 22 August 2012 , pp. 671 - 707
Copyright
Copyright © The Economic History Association 2012

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