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The anatomy of a trade collapse: the UK, 1929–1933

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Listed:
  • Alan de Bromhead
  • Alan Fernihough
  • Markus Lampe
  • Kevin Hjortshøj O’Rourke

Abstract

A recent literature explores the nature and causes of the 2008–2009 collapse in international trade. The decline was particularly great for automobiles and industrial supplies; it occurred largely along the intensive margin; quantities fell by more than prices; and prices fell less for differentiated products. Do these “stylized facts” hold for all trade collapses? This paper uses detailed, commodity-specific information on UK imports between 1929 and 1933 to compare the Great Depression and the Great Recession. It also compares the free trading collapse of 1929–1931 with the protectionist collapse of 1931–1933, to examine the relative importance of protection for the UK trade patterns.

Suggested Citation

  • Alan de Bromhead & Alan Fernihough & Markus Lampe & Kevin Hjortshøj O’Rourke, 2019. "The anatomy of a trade collapse: the UK, 1929–1933," European Review of Economic History, European Historical Economics Society, vol. 23(2), pages 123-144.
    • Handle: RePEc:oup:ereveh:v:23:y:2019:i:2:p:123-144.
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    File URL: http://hdl.handle.net/10.1093/ereh/hey029
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    Cited by:

    1. Jason Lennard, 2023. "Sticky wages and the Great Depression: evidence from the United Kingdom," European Review of Economic History, Oxford University Press, vol. 27(2), pages 196-222.
    2. Alan de Bromhead & Alan Fernihough & Markus Lampe & Kevin Hjortshøj O'Rourke, 2021. "Four great Asian trade collapses," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 61(2), pages 159-185, July.
    3. David M Higgins & Brian D Varian, 2021. "Britain’s Empire Marketing Board and the failure of soft trade policy, 1926–33 [Bringing another empire alive? The Empire Marketing Board and the construction of Dominion identity, 1926–1933]," European Review of Economic History, European Historical Economics Society, vol. 25(4), pages 780-805.

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