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Asian globalisations: market integration, trade and economic growth, 1800-1938

Authors
Publisher
London School of Economics and Political Science
Publication Date
Keywords
  • D204 Modern History
  • Ds Asia
  • Hc Economic History And Conditions

Abstract

This paper contributes to the debate on globalization and the great divergence with a comprehensive analysis of trends, causes and effects of the integration of Asia in the world market from 1800 to the eve of World War Two, based on a newly compiled data-set. The analysis finds that: most price convergence occurred before 1870, with only little disintegration in the inter-war years; market integration was determined to a large extent by the fall of Western trading monopolies; it implied significant static welfare gains and emerges as a major cause of substantial improvements in the terms of trade.

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