Commodity Market Disintegration in the Interwar Period

35 Pages Posted: 11 Mar 2009

See all articles by William M. Hynes

William M. Hynes

OECD; Trinity College (Dublin) - Institute for International Integration Studies (IIIS)

David S. Jacks

National University of Singapore (NUS), Department of Economics

Kevin H. O'Rourke

University of Dublin, Trinity College; National Bureau of Economic Research (NBER); Centre for Economic Policy Research (CEPR)

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Date Written: March 2009

Abstract

Using data collected by the International Institute of Agriculture, we document the disintegration of international commodity markets between 1913 and 1938. There was dramatic disintegration during World War I, gradual reintegration during the 1920s, and then a very substantial disintegration after 1929. The period saw the unravelling of a great many of the integration gains of the 1870-1913 period. While increased transport costs certainly help to explain the wartime disintegration, they cannot explain the post-1929 increase in trade costs. Protectionism seems the most likely alternative candidate.

Keywords: commodity markets, deglobalization, disintegration, Great Depression, interwar economy, trade

JEL Classification: F13, F15, F59, N70

Suggested Citation

Hynes, William M. and Jacks, David S. and O'Rourke, Kevin H., Commodity Market Disintegration in the Interwar Period (March 2009). CEPR Discussion Paper No. DP7189, Available at SSRN: https://ssrn.com/abstract=1356398

William M. Hynes

OECD ( email )

2, rue André Pascal
Paris, Cedex 16 75775
France

Trinity College (Dublin) - Institute for International Integration Studies (IIIS) ( email )

The Sutherland Centre, Level 6, Arts Building
Trinity College
Dublin 2
Ireland

David S. Jacks

National University of Singapore (NUS), Department of Economics ( email )

Singapore
Singapore

Kevin H. O'Rourke (Contact Author)

University of Dublin, Trinity College ( email )

Department of Economics
Dublin 2
Ireland
+353 1 608 3594 (Phone)
+353 1 677 2503 (Fax)

HOME PAGE: http://econserv2.bess.tcd.ie/korourke/homepage.htm

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