Tracing the Market
Tracing the Market
The Empirical Challenge
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
Princeton Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.
Please, subscribe or login to access full text content.
If you think you should have access to this title, please contact your librarian.
To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us.
