Technological Innovation, Institutional Change, and the Formation of the Global Market from the Mid-19th Century to the Pre-World War I Era
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Abstract
This article examines the formation of the pre-WWI global market, demonstrating that it was not the product of a single cause but of the combined force of technological innovation (which provided the physical infrastructure) and institutional change (which established the governing rules). The interplay between these two factors is key to understanding the period's economic integration.
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