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AbstractThis article examines the impact of war on trade between 1830 and 1913, that is, during the so‐called first wave of globalization. It has been argued that one of the main reasons for the rapid integration of commodity and factor markets that took place during this period was the peaceful character of the post‐Napoleonic nineteenth century. However, little research has been conducted on the actual impact of wars on international trade during this period. Previous research on the link between war and trade in general has found that war reduces trade both between belligerents and between belligerents and third parties (or neutrals). Apart from a handful of country case studies, this research has focused almost exclusively on the period before or after the peaceful nineteenth century. Our results show that, in the nineteenth century, the negative influence of war on trade was mainly limited to the belligerent economies, while belligerent–neutral trade was either unaffected or even increased during times of war. Also, in contrast to the findings of research on twentieth‐century wars, we find that nineteenth‐century wars had a strictly contemporaneous impact on trade, with a return to normalcy ensuing shortly after the cessation of hostilities.

According to previous research, the insurance market accounted for a key role in the welfare policies in post war, corporatist Sweden. It became the norm that 16 insurance should be distributed in a similar way to all public utilities. However, since the industry was considered to be too decentralised and too market oriented to meet the requirements of serving the public, new regulations were introduced. Shortly thereafter, the new legislation developed oligopolistic features, which are commonly associated with inefficiency problems. Was the regulation successful in light of its purpose? By quantifying the asset flows, we examine the impact of the regulation on the market structure, the market efficiency, and the market profitability of the Swedish insurance industry.

Smaller states, trade, and conflicts from the 18th to the 20th centuries -- Introduction / Jari Eloranta, Eric Golson, Peter Hedberg, Cristina Moreira, and Silvia Marzagalli -- The United States and the Mediterranean, 1783-1815 / Silvia Marzagalli (Université Nice) -- Baltic relations between Portugal and Russia : neutrality, trade and finance (1761-1831) / Cristina Moreira (Universidade do Minho), Rita Martins de Sousa (University of Lisbon), and Werner Scheltjens (Leipzig University) -- British-Norwegian trade in the 19th and 20th century / Ragnhild Hutchison (The Norwegian Institute of Local History) -- Trade and taxation in Brazil before and during the Napoleonic wars / Rodrigo Dominguez (University of Porto) and Angelo Carrara (Federal University of Juiz de Fora) -- Smaller states, neutrality, and conflicts from the 16th to the 20th centuries -- American trade and neutrality, 1783-1860 / Jeremy Land (Georgia State University) and Jari Eloranta -- Swedish trade policy and conflicts from Napoleon to World War I / Peter Hedberg and Henric Häggqvist (University of Uppsala) -- Ottoman Empire as a case study of neutrality and trade / Mehmet Bulut (Sabahattin Zaim University, Istanbul) -- Neutrality and warfare during the world wars / Eric Golson (London School of Economics). *No Room for Neutrality : the Uncommitted European Nations and the Economic Cold War in the 1950s / Nikas Jensen-Eriksen (University of Helsinki) -- Conclusions and further challenges / Toshiaki Tamaki (Kyoto Sangyo University) and Jari Ojala (University of Jyvaskyla)