This article provides empirical evidence from the ‘first wave of globalization’ in the 19th century for the question as to how commodity markets integrated domestically and internationally. I apply a dynamic factor model borrowed from business cycle analysis that for the first time allows me...

Entrepôts are hubs that facilitate trade between various origins and destinations. We study the role these hubs, and the networks they form, play in international trade. Using novel data, we trace the paths of containerized goods entering the United States. We show that the majority of trade is...

"What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing ground for this question: freight rates fell on average by 50% while global trade increased 400% from 1870 to 1913. We estimate the first indices of bilateral freight rates for...