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Article ID: CBB773230565

Examining the Role of a Private-Order Institution in Global Trade: The Liverpool Cotton Brokers' Association and the Crowning of King Cotton, 1811–1900 (2021)

Michael Aldous (Author)
Christopher Coyle (Author)

Business History Review
Volume: 95
Issue: 4
Pages: 671-702
Publication date: 2021
Language: English

URI: http://www.cambridge.org/core/journals/business-history-review/article/examining-the-role-of-a-privateorder-institution-in-global-trade-the-liverpool-cotton-brokers-association-and-the-crowning-of-king-cotton-18111900/2A9861E477A4064A0F8350EA32279693

DOI: 10.1017/S0007680520000872

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Markets Globalization; internationalization Business history Cotton and cotton industry 19th century Great Britain Liverpool Cotton Brokers' Association

In the nineteenth 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.

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