Market integration and convergence in the world wheat market, 1800-2000
Title: Market integration and convergence in the world wheat market, 1800-2000
Citation: HATTON Tim, O’ROURKE Kevin, Alan M. TAYLOR (eds) The new comparative economic history : essays in honor of Jeffrey G. Williamson, Cambridge, Mass, MIT Press, c2007, 2007, 87-114
This paper argues that the conventional view which sees international transport costs reductions as the major force in price convergence cannot be upheld when the period under scrutiny is extended to the last two centuries. Domestic transport costs fell for land-locked regions while real international transport costs fluctuated strongly without exhibiting a significant trend. Changes in trade policies were the single most important factor explaining convergence and divergence of prices in the long run.
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