Profitability of Slave and Long-Distance Trading in Context: The Case of Eighteenth-Century France

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Profitability of Slave and Long-Distance Trading in Context: The Case of Eighteenth-Century France

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DAUDIN, GUILLAUME

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Guillaume Daudin

Abstract

This article studies slave and other long-distance trades in eighteenth-century France. The data cover 238 ventures from seven French harbors between 1710 and 1780. Using the undiscounted benefit-cost ratio as a proxy for the internal rate of return, the article shows that these investments were more liquid, shorter, and more profitable than private notarized credit, without higher risk. They were safer and had a shorter duration than government bonds, without being less liquid or less profitable. The conclusion, that investment in these trades was preferable to domestic alternatives, may be explained by barriers to entry.

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

Volume (Year): 64 (2004)
Issue (Month): 01 (March)
Pages: 144-171
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Handle: RePEc:cup:jechis:v:64:y:2004:i:01:p:144-171_00

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Guillaume Daudin & Kevin H. O’Rourke & Leandro Prados de la Escosura, 2008. "Trade and Empire, 1700-1870," Documents de Travail de l'OFCE 2008-24, Observatoire Francais des Conjonctures Economiques (OFCE). [Downloadable!]
Other versions:
- Kevin H. O’Rourke & Leandro Prados de la Escosura & Guillaume Daudin, 2008. "Trade and Empire, 1700-1870," Trinity Economics Papers tep0208, Trinity College Dublin, Department of Economics, revised May 2008. [Downloadable!]
- Kevin H. O'Rourke, Leandro Prados de la Escosura and Guilllaume Daudin, 2008. "Trade and Empire, 1700-1870," The Institute for International Integration Studies Discussion Paper Series iiisdp249, IIIS. [Downloadable!]
- Kevin H. O'Rourke & Leandro Prados de la Escosura & Guillaume Daudin, 2008. "Trade and Empire, 1700-1870," Working Papers in Economic History wp08-09, Universidad Carlos III, Departamento de Historia Económica e Instituciones. [Downloadable!]

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