This article contributes to the growing historical literature on the ‘first globalization’ (1815–1913) and income inequality in countries that exported agricultural products. International market integration is expected to increase the demand for exports and therefore their prices. We estimate the effects of increased prices from international market integration on national welfare and income inequality between and within regions in three major exporters of agricultural products—British India, Colonial Indonesia, and the United States—using the prices of eleven key primary commodities. Market integration significantly increased aggregate welfare, but the gains were unevenly distributed. Producing regions gained up to nearly 6% of their GDP. Since the regions that made most welfare gains were also the poorest in their countries, market integration mitigated inequality between regions. Within the southern United States and Java, plantation owners obtained most gains, causing a substantial increase in inequality between persons.

Wheat market integration between the US and the UK before the “first era of globalization” (in the second half of the nineteenth century) was frequently interrupted by policy and “exogenous” events such as wars. This paper adds Canada to this story by looking at trade and price data, as well as contemporary debates. This allows us to triangulate the role of policy and wars, since Canada as a small open economy was part of the British Empire. We find that, despite its privileged access to British markets, Canada faced similar barriers to the US, suggesting that membership of the British Empire provided only a modest benefit to trade. We also describe the limitations she faced accessing the US market, in particular after American independence.

Trade law and competition law have grown up in their separate silos. This means that restraints by the states and restraints by private parties are treated in separate boxes, and with few exceptions, they have been treated so through the years. Yet, some of the worst restraints that do some of the greatest damage are best characterized by the synergy between the two. These trade-and-competition, or hybrid public/private, restraints fall under the radar screen, and defendants in litigation play one set of laws off against the other, hiding behind limits and immunities. This is the Blind Spot of the Article’s title – the space between the silos. This Article unearths the Blind Spot, gives examples of what we know and what we need to know, and proposes a methodology to illuminate and eliminate the Blind Spot.

Success in marriage markets has lasting impacts on women's wellbeing. By arranging marriages, parents exert financial and social powers to influence spouse characteristics and ensure optimal marriages. While arranging marriages is a major focus of parental investment, marriage decisions are also a source of conflict between parents and daughters in which parents often have more power. The process of market integration may alter parental investment strategies, however, increasing children's bargaining power and reducing parents’ influence over children's marriage decisions. We use data from a market integrating region of Bangladesh to (a) describe temporal changes in marriage types, (b) identify which women enter arranged marriages and (c) determine how market integration affects patterns of arranged marriage. Most women's marriages were arranged, with love marriages more recent. We found few predictors of who entered arranged vs. love marriages, and family-level market integration did not predict marriage type at the individual level. However, based on descriptive findings, and findings relating women's and fathers’ education to groom characteristics, we argue that at the society-level market integration has opened a novel path in which daughters use their own status, gained via parental investments, to facilitate good marriages under conditions of reduced parental assistance or control.

American pro-market conservatives often oppose use of federal authority to rein in anti-competitive behavior by market actors. Competitive barriers, whether created by local jurisdictions or the absence of national competitive rules, go unaddressed. In international comparison, especially considering the European Union's use of central authority for market openness, this is quite puzzling. Based on interviews and archival research, I trace inattention to market barriers to contradictions within Hayek's neoliberalism and an enthusiastic reception within the American academy of one possible interpretation of those writings. This conception of markets—competitive federalism—diffused into the conservative law and economics movements, think tanks, and eventually mainstream conservative politics. It permitted conservatism to align a strong pro-market rhetoric with demands for states’ rights and federal retrenchment, albeit side-stepping many significant issues in economic theory and policy. Thus, conservatives pursue spending and tax cuts, deregulation and decentralization, often to the detriment of market openness.

Acting on socially learned information involves risk, especially when the consequences imply certain costs with uncertain benefits. Current evolutionary theories argue that decision-makers evaluate and respond to this information based on context cues, such as prestige (the prestige bias model) and/or incentives (the risk and incentives model). We tested the roles of each in explaining trust using a preregistered vignette-based study involving advice about livestock among Maasai pastoralists. In exploratory analyses, we also investigated how the relevance of each might be influenced by recent cultural and economic changes, such as market integration and shifting cultural values. Our confirmatory analysis failed to support the prestige bias model, and partially supported the risk and incentives model. Exploratory analyses suggested that regional acculturation varied strongly between northern vs. southern areas, divided by a small mountain. Consistent with the idea that trust varies with socially transmitted values and regional differences in market integration, people living near densely populated towns in the southern region were more likely to trust socially learned information about livestock. Higher trust among market-integrated participants might reflect a coordination solution in a region where traditional pastoralism is beset with novel conflicts of interest.

Pre-industrial money supply typically consisted of multiple, often foreign currencies. Standard economic theory implies that this entails welfare loss due to transaction costs imposed by currency exchange. Through a study of novel data on Finnish nineteenth-century parish-level currency conditions, we show that individual currencies had principal areas of circulation, with extensive co-circulation restricted to the boundary regions in between. We show that trade networks, defined here through the regional co-movement of grain prices, proved crucial in determining the currency used. Market institutions and standard price mechanisms had an apparent role in the spread of different currencies and in determining the dominant currency in a given region. Our findings provide a caveat for the widely held assumption that associates multi-currency systems with negative trade externalities.

Cattle are costly to transport, which could lead to segmented regional cattle markets. The cointegration of cattle prices over regions has been of research interest for decades. This article investigates price cointegration between regional cattle markets in the United States and proposes a simple procedure for incorporating a flexible transition function into an economic indicator–controlled smooth transition autoregressive (ECON-STAR) model to evaluate market dynamics. The empirical results show that these markets have been highly integrated when excess supply exists, but when cattle inventories decrease, the market pattern becomes very regionally segmented.

This article studies the financial market integration in the 1670s by examining the effectiveness of triangular exchange arbitrage. The results suggest that international credit markets based on bills of exchange in northwestern Europe were well integrated and responded to exchange-rate differences quickly. The speed of adjustment, ranging between one and three weeks, accorded with the speed of communication, but the transaction cost associated with exchange arbitrage was much lower than that of shipping bullion. Although warfare had a disruptive effect on exchange arbitrage by increasing transaction cost, markets were resilient in remaining efficient.

We propose the concept of the “Fish Revolution” to demarcate the dramatic increase in North Atlantic fisheries after AD 1500, which led to a 15-fold increase of cod (Gadus morhua) catch volumes and likely a tripling of fish protein to the European market. We consider three key questions: (1) What were the environmental parameters of the Fish Revolution? (2) What were the globalising effects of the Fish Revolution? (3) What were the consequences of the Fish Revolution for fishing communities? While these questions would have been considered unknowable a decade or two ago, methodological developments in marine environmental history and historical ecology have moved information about both supply and demand into the realm of the discernible. Although much research remains to be done, we conclude that this was a major event in the history of resource extraction from the sea, mediated by forces of climate change and globalisation, and is likely to provide a fruitful agenda for future multidisciplinary research.

Recently, new research has challenged the traditional narrative; Spain did not suffer from a ruler that threatened his subjects’ property with excessive taxes and forced loans. Instead, Spanish economic development was held back by decentralised and non-predatory governance, unable to solve the coordination problems blocking the way to more integrated markets. Through the analysis of the governance and loan portfolios of an ecclesiastical order, this paper examines the extent to which mortgage credit markets were fragmented in early modern Spain. This order not only collected resources that it subsequently lent but also pooled them. Indeed, it developed into a nationally integrated organisation able to offer everything from small loans to farmers to substantial amounts to the king and the Madrid elite.

Several studies indicate an integrated global market for salmon. However, there is increasing evidence of market segmentation for various seafood species. A disease crisis in Chile that reduced production by two-thirds provides a strong market shock that can shed light on how strongly integrated the salmon market is. Our results indicate that Chilean producers changed the product mix and export markets as a result of the disease shock. Yet, the relative prices remained constant, indicating a high degree of market integration. Moreover, Chilean prices are endogenous to the Norwegian price, indicating that prices are determined at the global market.