Gino Gancia, Giacomo Ponzetto, Jaume Ventura, 26 July 2017

The number of countries in the world more than halved during the first wave of globalisation, but then rose significantly during the second. Border changes have been much more peaceful during this second wave, and this column asserts that these observations are consistent with a theory in which political structure adapts to expanding trade opportunities. Globalisation makes borders costly. In its early stages, borders are removed by increasing country size, while in later stages, the cost of borders is removed by creating peaceful economic unions, leading to a reduction in country size.

Alan de Bromhead, Alan Fernihough, Markus Lampe, Kevin O'Rourke, 24 March 2017

With Brexit looming, and protectionist pressures mounting elsewhere in the developed world, the question of whether trade policy matters is taking on more significance. This column looks at the extent to which trade policy was responsible for the shift towards intra-imperial trade in the interwar period. Both tariffs and quotas increased the Empire’s share of British trade, suggesting that trade policy mattered more for interwar trade patterns than the cliometric literature has suggested.

Events