Imperial Politics, Open Markets and Private Ordering: The Global Grain Trade (1875-1914) - Sciences Po Accéder directement au contenu
Pré-Publication, Document De Travail Année : 2023

Imperial Politics, Open Markets and Private Ordering: The Global Grain Trade (1875-1914)

Résumé

From the 1870s onwards, global commodity markets were all governed by self-standing private bodies, typically controlled by elite merchants. The London Corn Trade Association thus standardized supply from across the world, turning grain into a fungible commodity; it arbitrated disputes; and it offered to traders a range of standard contracts that integrated the value chains, from the various export harbors till destination. Enforcement rested on market power and the threat of blacklisting, which were inherently extra-territorial: few merchant houses in the world could afford being expelled from the London market. On the other hand, governments, whether sovereign or colonial, played a very limited direct role in how transactions were conducted. Ultimately, however, this private trading platform worked under English law exclusively and it was upheld by both the London courts and the Bank of England. It was both global and local, and hence a full part of Britain’s imperial project. It policed a global network of private commercial routes while mediating the demands for market integration and the sheer instability of the global political geography. Rule-based market power should thus be seen as a specific factor in Britain’s economic supremacy, together with relative productivity levels or capital exports.
Fichier principal
Vignette du fichier
2023_sgard_CornMarket-FinalApril23.pdf (405.34 Ko) Télécharger le fichier
Origine : Fichiers produits par l'(les) auteur(s)

Dates et versions

hal-04081417 , version 1 (25-04-2023)

Licence

Paternité - Pas d'utilisation commerciale - Pas de modification

Identifiants

  • HAL Id : hal-04081417 , version 1

Citer

Jérôme Sgard. Imperial Politics, Open Markets and Private Ordering: The Global Grain Trade (1875-1914). 2023. ⟨hal-04081417⟩
56 Consultations
257 Téléchargements

Partager

Gmail Facebook X LinkedIn More