Market integration from the Black Death to the First World War

Resource Type
Dataset : other
  • Schulze, Max-Stephan (London School School of Economics & Political Science)
  • Volckart, Oliver (London School of Economics & Political Science)
  • Federico, Giovanni (New York University Abu Dhabi)
Publication Date
Funding Reference
  • European Research Council
    • Award Number: ERC 230484
Free Keywords
economic history; market integration
  • Abstract

    This is the replication package for the paper 'European Goods Market Integration in the Very Long Run: From the Black Death to the First World War', Journal of Economic History. Drawing on extensive new evidence, this paper argues that price convergence across European wheat markets was a largely pre-modern phenomenon, starting as early as the late 15th century and, interruptions notwithstanding, continuing into the mid-19th century. The last quarter of the 19th century was characterized by divergence as trade policy decisions came to dominate technical change. The ‘Little Divergence’ between North-Western Europe and the rest of the continent shows up in the price data from about 1600. Market efficiency began to improve in the early 16th century and was as uneven over time as convergence in prices. This, the paper argues, was an outcome of differential institutional change and non-synchronous diffusion of systems of information transmission across space.

Temporal Coverage
  • 1348-01-01 / 1913-12-31
    Time Period: Tue Jan 01 00:00:00 EST 1348--Wed Dec 31 00:00:00 EST 1913
Geographic Coverage
  • Europe
Sampled Universe
wheat price data from more than 580 markets in Europe over the period 1348-1913
Collection Mode
  • The zip folder appended includes a guidance note on the data files and computations.

This study is freely available to the general public via web download.
  • Has version
    DOI: 10.3886/E129221V1

Update Metadata: 2020-12-18 | Issue Number: 1 | Registration Date: 2020-12-18