Commodity market disintegration in the interwar period

William Hynes, David S. Jacks, Kevin H. O'Rourke

Research output: Contribution to journalArticlepeer-review

Abstract

In this paper, 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 substantial disintegration after 1929. The period saw the unravelling of many of the integration gains of 1870-1913. While increased transport costs help explain the wartime disintegration, they cannot explain the post-1929 increase in trade costs. The proliferation of tariff and non-tariff barriers to trade, the collapse of the interwar gold standard, and the evaporation of commercial credit loom large as suspects.

Original languageEnglish (US)
Pages (from-to)119-143
Number of pages25
JournalEuropean Review of Economic History
Volume16
Issue number2
DOIs
StatePublished - May 2012

ASJC Scopus subject areas

  • History
  • Economics, Econometrics and Finance (miscellaneous)

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