Richard Melson

November 2005

Globalization in Historical Perspective: book

The University of Chicago Press

Globalization in Historical Perspective

The University
of Chicago Press

Bordo, Michael D., Alan M. Taylor, and Jeffrey G. Williamson, editors

Globalization in Historical Perspective

597 p., 64 line drawings, 66 tables. 6 x 9 2003


(NBER-C) National Bureau of Economic Research Conference Report

Paper $50.00sp 0-226-06600-2 Fall 2005

As awareness of the process of globalization grows and the study of its effects becomes increasingly important to governments and businesses (as well as to a sizable opposition), the need for historical understanding also increases. Despite the importance of the topic, few attempts have been made to present a long-term economic analysis of the phenomenon, one that frames the issue by examining its place in the long history of international integration.

This volume collects eleven papers doing exactly that and more. The first group of essays explores how the process of globalization can be measured in terms of the long-term integration of different markets-from the markets for goods and commodities to those for labor and capital, and from the sixteenth century to the present. The second set of contributions places this knowledge in a wider context, examining some of the trends and questions that have emerged as markets converge and diverge: the roles of technology and geography are both considered, along with the controversial issues of globalization's effects on inequality and social justice and the roles of political institutions in responding to them. The final group of essays addresses the international financial systems that play such a large part in guiding the process of globalization, considering the influence of exchange rate regimes, financial development, financial crises, and the architecture of the international financial system itself.

This volume reveals a much larger picture of the process of globalization, one that stretches from the establishment of a global economic system during the nineteenth century through the disruptions of two world wars and the Great Depression into the present day. The keen analysis, insight, and wisdom in this volume will have something to offer a wide range of readers interested in this important issue.


Michael D. Bordo, Alan M. Taylor, and Jeffrey G. Williamson

1. Commodity Market Integration, 1500-2000
Ronald Findlay and Kevin H. O'Rourke
Comment: Douglas A. Irwin
2. International Migration and the Integration of Labor Markets
Barry R. Chiswick and Timothy J. Hatton
Comment: Riccardo Faini
3. Globalization and Capital Markets
Maurice Obstfeld and Alan M. Taylor
Comment: Richard Portes
4. Globalization and Convergence
Steve Dowrick and J. Bradford DeLong
Comment: Charles I. Jones
5. Does Globalization Make the World More Unequal?
Peter H. Lindert and Jeffrey G. Williamson
Comment: Lant Pritchett
6. Technology in the Great Divergence
Gregory Clark and Robert C. Feenstra
Comment: Joel Mokyr
7. Globalization in History: A Geographical Perspective
Nicholas Crafts and Anthony J. Venables
Comment: Richard E. Baldwin
8. Financial Systems, Economic Growth, and Globalization
Peter L. Rousseau and Richard Sylla
Comment: Charles W. Calomiris
9. Core, Periphery, Exchange Rate Regimes, and Globalization
Michael D. Bordo and Marc Flandreau
Comment: Anna J. Schwartz
10. Crises in the Global Economy from Tulips to Today: Contagion and Consequences
Larry Neal and Marc Weidenmier
Comment: Mark P. Taylor
11. Monetary and Financial Reform in Two Eras of Globalization
Barry Eichengreen and Harold James
Comment: Peter B. Kenen
Globalization in Interdisciplinary Perspective: A Panel
Clive Crock, The Economist
Gerardo della Paolera, American University of Paris
Niall Ferguson, Jesus College, Oxford University
Anne O. Krueger, IMF and NBER
Ronald Rogowski, University of California-Los Angeles
Author Index
Subject Index


You may purchase this title at these fine bookstores.

Outside the USA, consult our international information page.

File last modified on 11/02/2005.

Questions about this title? email

Bordo, Michael D., Alan M. Taylor, and Jeffrey G. Williamson,


Globalization in Historical Perspective

Fall 2005

November 7, 2005