ABSTRACT
Specialized commodity trading companies became increasingly important in the international economy in the second half of the nineteenth century. By physically transporting raw materials between different regions of the world, these companies were instrumental in creating global value chains. Over time, commodity traders have acquired dominant roles in several commodities, combining their knowledge of markets with logistical and financial capabilities to transport, transform, and market commodities globally. Over the last 150 years, the centers of commodity trading have shifted between different locations, but despite these shifts, there has been a remarkable stability in the industry, as several of the key actors of the pre-World War I world have maintained a significant presence in commodity trading. While some of the large companies have disappeared, it is possible to trace the connections with many of today’s dominant commodity traders back to the former giants in the industry.
