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Made in America? The New World, the Old, and the Industrial Revolution

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  • Gregory Clark
  • Kevin H. O'Rourke
  • Alan M. Taylor

Abstract

For two decades, the consensus explanation of the British Industrial Revolution has placed technological change and the supply side at center stage, affording little or no role for demand or overseas trade. Recently, alternative explanations have placed an emphasis on the importance of trade with New World colonies, and the expanded supply of raw cotton it provided. We test both hypotheses using calibrated general equilibrium models of the British economy and the rest of the world for 1760 and 1850. Neither claim is supported. Trade was vital for the progress of the industrial revolution; but it was trade with the rest of the world, not the American colonies, that allowed Britain to export its rapidly expanding textile output and achieve growth through extreme specialization in response to shifting comparative advantage.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.98.2.523
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Bibliographic Info

Article provided by American Economic Association in its journal American Economic Review.

Volume (Year): 98 (2008)
Issue (Month): 2 (May)
Pages: 523-28

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Handle: RePEc:aea:aecrev:v:98:y:2008:i:2:p:523-28

Note: DOI: 10.1257/aer.98.2.523
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  1. Mokyr, Joel, 2005. "The Intellectual Origins of Modern Economic Growth," The Journal of Economic History, Cambridge University Press, vol. 65(02), pages 285-351, June.
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Cited by:
  1. Kevin Hjortshøj O'Rourke, 2012. "From Empire to Europe: Britain in the World Economy," Economics Series Working Papers Number 106, University of Oxford, Department of Economics.
  2. Ricardo Argüello C.a, 2009. "Latin America and the international economic CRISIS: THE TRADE CHANNEL," ECONOMÍA, GESTIÓN Y DESARROLLO, UNIVERSIDAD JAVERIANA - CALI.
  3. Jonathan Hersh & Joachim Voth, 2009. "Sweet diversity: Colonial goods and the rise of European living standards after 1492," Economics Working Papers 1163, Department of Economics and Business, Universitat Pompeu Fabra, revised Jan 2011.
  4. David Harvey & Neil Kellard & Jakob Madsen & Mark Wohar, 2012. "Trends and Cycles in Real Commodity Prices: 1650-2010," CEH Discussion Papers 010, Centre for Economic History, Research School of Economics, Australian National University.
  5. Ferreira, Pedro Cavalcanti & Pessôa, Samuel & Santos, Marcelo Rodrigues, 2011. "Globalization and the Industrial Revolution," Insper Working Papers wpe_253, Insper Working Paper, Insper Instituto de Ensino e Pesquisa.

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