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Notes for EC104: globalisation
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Lecture and seminar notes from EC104: globalisation (topic 5)
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GlobalisationThe first globalisation occurred between 1870-1913
● Integration of world markets
○ Increased trade, migration and capital flows
● 19th century - 2nd wave of European colonisation (linked to globalisation)
○ Trade as a rationale for colonisation
○ Colonisation lowering barriers to trade
World trade
● Increased since the 1800s
○ Post WW1, was a collapse in trade and de-globalisation
○ The 1970s/80s saw the 2nd globalisation
● O’Rouke and Williamson’s model of trade - market integration reduces trade
barriers and causes price convergence
○ Does not necessarily mean market integration
● Pre 19th century, long-distance trade was limited to non-competing goods
○ No price convergence
○ Non-bulky goods with a high value per kg were traded (gold, sugar)
● 19th century saw trade in competing goods and price convergence
○ 19th c refers to 1815-1914
Falling barriers to economic integration
The transport revolution (part of the IR)
● Transport on land (canals, railways, roads) and water (steamship, Suez canal)
Railways
● Steam locomotive patented in 1784
● 1830 - Liverpool-Manchester line opened
● 1869 - transcontinental line linking E and W USA opened
● Dense railway network by the 1920s in England
Steamship
● 1866 - regular service from Liverpool to Shanghai
● 1869 - opening of the Suez Canal
○ Allows trade direct from Africa to Asia
○ Needs steamboats due to wind conditions
● Affected countries differently due to different wind conditions
○ Pascali - trade increased the most for countries where
steamship reduced average shipping time the most
■ Steamship accounts for ½ of the increase in trade
between 1850-1905 (Pascalli)
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