The growing dependence of Britain on trade during the Industrial Revolution
Many previous studies of the role of trade during the British Industrial Revolution have found little or no role for trade in explaining British living standards or growth rates. We construct a three-region model of the world in which Britain trades with North America and the rest of the world, and...
| Main Authors: | , , |
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| Format: | Working paper |
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University of Oxford
2014
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| _version_ | 1826289625932496896 |
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| author | O'Rourke, K Clark, G Taylor, A |
| author_facet | O'Rourke, K Clark, G Taylor, A |
| author_sort | O'Rourke, K |
| collection | OXFORD |
| description | Many previous studies of the role of trade during the British Industrial Revolution have found little or no role for trade in explaining British living standards or growth rates. We construct a three-region model of the world in which Britain trades with North America and the rest of the world, and calibrate the model to data from the 1760s and 1850s. We find that while trade had only a small impact on British welfare in the 1760s, it had a very large impact in the 1850s. This contrast is robust to a large range of parameter perturbations. Biased technological change and population growth were key in explaining Britain's growing dependent on trade during the Industrial Revolution. |
| first_indexed | 2024-03-07T02:31:45Z |
| format | Working paper |
| id | oxford-uuid:a77740c7-68ef-48a4-b883-9fd8d874bd5c |
| institution | University of Oxford |
| last_indexed | 2024-03-07T02:31:45Z |
| publishDate | 2014 |
| publisher | University of Oxford |
| record_format | dspace |
| spelling | oxford-uuid:a77740c7-68ef-48a4-b883-9fd8d874bd5c2022-03-27T02:54:51ZThe growing dependence of Britain on trade during the Industrial RevolutionWorking paperhttp://purl.org/coar/resource_type/c_8042uuid:a77740c7-68ef-48a4-b883-9fd8d874bd5cBulk import via SwordSymplectic ElementsUniversity of Oxford2014O'Rourke, KClark, GTaylor, AMany previous studies of the role of trade during the British Industrial Revolution have found little or no role for trade in explaining British living standards or growth rates. We construct a three-region model of the world in which Britain trades with North America and the rest of the world, and calibrate the model to data from the 1760s and 1850s. We find that while trade had only a small impact on British welfare in the 1760s, it had a very large impact in the 1850s. This contrast is robust to a large range of parameter perturbations. Biased technological change and population growth were key in explaining Britain's growing dependent on trade during the Industrial Revolution. |
| spellingShingle | O'Rourke, K Clark, G Taylor, A The growing dependence of Britain on trade during the Industrial Revolution |
| title | The growing dependence of Britain on trade during the Industrial Revolution |
| title_full | The growing dependence of Britain on trade during the Industrial Revolution |
| title_fullStr | The growing dependence of Britain on trade during the Industrial Revolution |
| title_full_unstemmed | The growing dependence of Britain on trade during the Industrial Revolution |
| title_short | The growing dependence of Britain on trade during the Industrial Revolution |
| title_sort | growing dependence of britain on trade during the industrial revolution |
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