-slump macroeconomic cycles. During both crises, world trade collapsed faster than world incomes and the trade decline was highly …

labor regulation of partners because intraindustry trade was important. The New World exported less differentiated products …

, Europe, and Oceania for the period from 1870 to 2000 and demonstrate an overriding role for declining trade costs in the pre-World … War I trade boom. In contrast, for the post-World War II trade boom we identify changes in output as the dominant force …