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Distant TyrannyMarkets, Power, and Backwardness in Spain, 1650-1800$
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Regina Grafe

Print publication date: 2012

Print ISBN-13: 9780691144849

Published to Princeton Scholarship Online: October 2017

DOI: 10.23943/princeton/9780691144849.001.0001

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Tracing the Market

Tracing the Market

The Empirical Challenge

Chapter:
(p.38) Chapter 2 Tracing the Market
Source:
Distant Tyranny
Author(s):

Regina Grafe

Publisher:
Princeton University Press
DOI:10.23943/princeton/9780691144849.003.0002

This chapter talks about how historians and economists have distinct working definitions of market integration. On the one hand, historians of the early modern period tend to think about market integration as a process in which agriculture and manufacturing directed largely at guaranteeing subsistence were increasingly replaced by specialized production that had to be sold on the market in return for other goods. Hence, market integration was intimately linked to changes not only in the commercialization of agricultural and manufacturing goods but also in their production and consumption patterns. On the other hand, economists tend to define market integration more narrowly through the “law of one price”: if markets are fully integrated between two locations then the price of tradable goods should be identical in both places.

Keywords:   market integration, historians, economists, specialized production, commercialization, one price, tradable goods

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