An end and a new beginning: disintegration of inter-continental commodity markets during the Revolutionary Era, 1770s to 1820s

• The outbreak of the American, and later also the French, Revolution, would have significant economic repercussions around the world. This article studies the issue of inter-continental market disintegration during the Revolutionary Era quantitatively. The paper finds that the empirical evidence shows a significant increase in price dispersion on inter-continental trade routes during the period. After the end of the revolutionary wars, prices rapidly converged back to pre-war levels. The Revolutionary Era thus constituted the end of an era and the beginning of a new not only politically, but also for inter-continental trade. The effects were however asymmetrical, depending on the specific trade routes and countries importing the goods.

Ämnesord

SAMHÄLLSVETENSKAP  -- Ekonomi och näringsliv -- Ekonomisk historia (hsv//swe)

SOCIAL SCIENCES  -- Economics and Business -- Economic History (hsv//eng)

Nyckelord

Globalization

convergence

commodity markets

external shock

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