The archives of the London Corn Trade Association shed light on how open competitive commodity markets expanded during the First Global Era in spite of hard, non-cooperative geopolitics. This private body, fully controlled by elite merchants, standardised supply, turning grains into fungible commodities; it arbitrated disputes; and it offered to traders standard contracts that integrated the international value chains. Enforcement rested on market power: few merchant houses in the world dared being expelled from the London market. Private rules and contracts thus applied extra-territorially, without being much affected by the political regimes on the ground. But they were also upheld by the London courts and the Bank of England, so that they were both local and global, therefore imperial. Market power, private ordering, and legal pluralism should be seen as a defining feature of Britain’s global economic governance.
