Offering a fresh look at trade during the second industrial revolution, Global Markets Transformed describes a world of commodities on the move—wheat and rice, coffee and tobacco, oil and rubber, all jostling around the planet through a matrix of producers, processors, transporters, and buyers. Steven C. Topik and Allen Wells discuss how innovations in industrial and agricultural production, transportation, commerce, and finance transformed the world economy from 1870 to 1945.

Topik and Wells trace the evolution of global chains of commodities, from basic food staples and stimulants to strategically important industrial materials, that linked the agricultural and mineral-producing areas of Latin America, Asia, and Africa to European and North American consumers and industrialists. People living a great distance apart became economically intertwined as never before. Yet laborers and consumers at opposite ends of commodity chains remained largely invisible to one another. Affluent American automobile owners who were creating the skyrocketing demand for tires, for example, knew almost nothing about poor Brazilian tappers who sweated in the Amazon to supply the rubber necessary for their vehicles.

As commodity chains stretched out around the world, more goods were bound up in markets that benefited some countries more than others. Global Markets Transformed highlights the lessons and legacy of the early years of globalization—when the world’s population doubled, trade quadrupled, industrial output multiplied fivefold, and the gap between rich and poor regions grew ever wider.

Between 1850 and 1930, Latin America's integration into the world economy through the export of raw materials transformed the region. This encounter was nearly as dramatic as the conquistadors' epic confrontation with Native American civilizations centuries before. An emphasis on foreign markets and capital replaced protectionism and self-sufficiency as the hemisphere's guiding principles. In many ways, the means employed during this period to tie Latin America more closely to western Europe and North America resemble strategies currently in vogue. Much can be learned from analyzing the first time that Latin Americans embraced export-led growth.

This book focuses on the impact of three key export commodities: coffee, henequen, and petroleum. The authors concentrate on these rather than on national economies because they illustrate more concretely the interaction between the environment, natural and human resources, and the world economy. By analyzing how different products spun complex webs of relationships with their respective markets, the essays in this book illuminate the tensions and contradictions found in the often conflictive relationship between the local and the global, between agency and the not-so-invisible hand. Ultimately, the contributors argue that the results of the "second conquest" were not one-sided as Latin Americans and foreigners together forged a new economic order—one riddled with contradictions that Latin America is still attempting to resolve today.

Between 1870 and 1945, advances in communication and transportation simultaneously expanded and shrank the world. New technologies erased distance and accelerated the global exchange of people, products, and ideas on an unprecedented scale. A World Connecting focuses on an era when growing global interconnectedness inspired new ambitions but also stoked anxieties and rivalries that would erupt in two world wars—the most destructive conflicts in human history.

In five interpretive essays, distinguished historians Emily S. Rosenberg, Charles S. Maier, Tony Ballantyne, Antoinette Burton, Dirk Hoerder, Steven C. Topik, and Allen Wells illuminate the tensions that emerged from intensifying interconnectedness and attempts to control and shape the effects of sweeping change. Each essay provides an overview of a particular theme: modern state-building; imperial encounters; migration; commodity chains; and transnational social and cultural networks. With the emergence of modern statehood and the fluctuating fate of empires came efforts to define and police territorial borders. As people, products, capital, technologies, and affiliations flowed across uneasily bounded spaces, the world both came together and fell apart in unexpected, often horrifying, and sometimes liberating ways.

A World Connecting goes beyond nations, empires, and world wars to capture the era’s defining feature: the profound and disruptive shift toward an ever more rapidly integrating world.