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Late Nineteenth-Century Anglo-American Factor-Price Convergence: Were Heckscher and Ohlin Right?

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Author Info
O'Rourke, Kevin
Williamson, Jeffrey G.

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Abstract

Due primarily to transport improvements, commodity prices in Britain and the United States tended to converge between 1870 and 1913. Heckscher and Ohlin, writing in 1919 and 1924, thought that these events should have contributed to factor-price convergence. It turns out that Heckscher and Ohlin were right: a significant share of the Anglo-American real-wage convergence was due to commodity-price convergence. It appears that this late nineteenth-century episode was the dramatic start of world-commodity and factor-market integration that continues today.

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Publisher Info
Article provided by Cambridge University Press in its journal The Journal of Economic History.

Volume (Year): 54 (1994)
Issue (Month): 04 (December)
Pages: 892-916
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Handle: RePEc:cup:jechis:v:54:y:1994:i:04:p:892-916_01

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  1. Kevin H. O'Rourke & Jeffrey G. Williamson, 2002. "From Malthus to Ohlin: Trade, Growth and Distribution Since 1500," CEG Working Papers 20023, Trinity College Dublin, Department of Economics. [Downloadable!]
    Other versions:
  2. Guilllaume Daudin, Matthias Morys and Kevin H. O'Rourke, 2008. "Globalization, 1870-1914," The Institute for International Integration Studies Discussion Paper Series iiisdp250, IIIS. [Downloadable!]
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  3. Nicholas Crafts & Anthony J. Venables, 2002. "Globalization in History: A Geographical Perspective," CEP Discussion Papers dp0524, Centre for Economic Performance, LSE. [Downloadable!]
    Other versions:
  4. Deepak Lal, 1998. "The World Economy at the end of the Millennium," UCLA Economics Working Papers 786, UCLA Department of Economics. [Downloadable!]
  5. Kei-Mu Yi, 2000. "Can vertical specialization explain the growth of world trade?," Staff Reports 96, Federal Reserve Bank of New York. [Downloadable!]
    Other versions:
  6. Jeffrey G. Williamson, 1998. "Real Wages and Relative Factor Prices in the Third World 1820-1940: Latin America," Harvard Institute of Economic Research Working Papers 1853, Harvard - Institute of Economic Research. [Downloadable!]
  7. O'Rourke, Kevin H & Williamson, Jeffrey G, 2000. "The Heckscher-Ohlin Model Between 1400 and 2000: When It Explained Factor Price Convergence, When It Did Not, and Why," CEPR Discussion Papers 2372, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  8. Antoni Estevadeordal & Alan M. Taylor, 2002. "A Century of Missing Trade?," American Economic Review, American Economic Association, vol. 92(1), pages 383-393, March. [Downloadable!]
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  9. Vadym Volosovych, 2005. "Financial Market Integration Over the Long Run: Is there a U-shape?," Working Papers 05001, Department of Economics, College of Business, Florida Atlantic University, revised Feb 2007. [Downloadable!]
  10. Robert A. Margo, 1998. "Labor Market Integration Before the Civil War," NBER Historical Working Papers 0109, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Donald R. Davis & David E. Weinstein, 1998. "An Account of Global Factor Trade," NBER Working Papers 6785, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Jeffrey G. Williamson, 2000. "Land, Labor and Globalization in the Pre-Industrial Third World," NBER Working Papers 7784, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  13. Matthew J. Slaughter, 2001. "Does trade liberalization converge factor prices? Evidence from the antebellum transportation revolution," Journal of International Trade & Economic Development, Taylor and Francis Journals, vol. 10(3), pages 339-362, September. [Downloadable!] (restricted)
  14. Blank, Steven C. & Erickson, Kenneth W. & Moss, Charles B., 2005. "Profit Patterns Across American Agriculture," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 30(02), August. [Downloadable!]
  15. Guillaume Daudin & Matthias Morys & Kevin H. O’Rourke, 2008. "Europe and Globalization, 1870-1914," Documents de Travail de l'OFCE 2008-17, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
    Other versions:
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