The Foundations of Worldwide Economic Integration Power, Institutions, and Global Markets, 1850–1930

Advance praise: 'It has become commonplace to argue that institutions and rules matter greatly to economic performance. But how did these institutions and rules emerge and take the particular shapes that they did? Christof Dejung's and Niels P. Petersson's significant collection takes a sustained look at global trade in the late nineteenth and early twentieth centuries and shows how European merchants, Indian peasants, imperial statesmen, and others, constructed these institutions and rules. Far from a definite set of tools, the institutions that enabled global trade were the outcome of sustained social contestation on local marketplaces, in national politics, and across ocean-spanning trade networks. Power is back to the debate on institutions - and this book is a must-read for anyone interested in this important story.' Sven Beckert, Harvard University Advance praise: 'When you thought that everything had been said about the 'first' globalization, here is a fascinating book shedding new light on its periodization, especially its persistence in the twenties, the importance of norms and institutions, and the complex relationships between its actors, both public and private, national and transnational, rulers and ruled. A timely reminder of the crucial role of power in the shaping of the global economy.' Youssef Cassis, European University Institute Advance praise: 'This volume provides a challenge to modern historians. It questions the periodization of the 'long tenth century' ending in 1914. It argues that globalization created international institutions, norms, and relations that survived the First World War. By looking at the level of actors, businessmen who shaped international networks, and institutions, the volume challenges wisdom long established by political and economic historians. A must-read for everybody who takes history seriously.' Harm G. Schroter, President, European Business History Association