Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/227739
Authors: 
Aldous, Michael
Coyle, Christopher
Year of Publication: 
2020
Series/Report no.: 
QUCEH Working Paper Series No. 2020-10
Abstract: 
In the 19th century, the Liverpool Cotton Brokers Association (CBA) coordinated the dramatic growth of Liverpool's raw cotton market. This article shows how the CBA achieved this through the development of a private order institutional framework that improved information flows, introduced standardization and contracting regimes, and regulated market exchange platforms. These developments corresponded with significantly improved market coordination, which facilitated the growth of the largest raw cotton market in the world. The article's findings demonstrate and quantify the importance of nonstate actors, in creating institutions of global exchange central to the first wave of globalization.
Subjects: 
private order institutions
non-state actors
globalization
Liverpool Cotton Brokers Association
JEL: 
D03
F13
N43
N53
N74
Q17
Document Type: 
Working Paper

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