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Economic Freedom in the Long Run: Evidence from OECD Countries (1850-2007)

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  • Leandro Prados de la Escosura

    ()
    (Universidad Carlos III, London School of Economics, CEPR)

Abstract

This paper presents historical indices for the main dimensions of economic freedom and an aggregate index for nowadays developed countries -(pre-1994) OECD, for short-. Economic liberty expanded over the last one-and-a-half centuries, reaching two thirds of its maximum possible. Its evolution has been, however, far from linear. After a substantial improvement since mid-nineteenth century, World War I brought a major setback. The post-war recovery up to 1929 was followed by a dramatic decline in the 1930s and significant progress took place during the Golden Age but fell short from the pre-World War I peak. A steady expansion since the early 1980s has resulted in the highest levels of economic liberty of the last two centuries. Each main dimension of economic freedom exhibited a distinctive trend and its contribution to the aggregate index varied over time. Nonetheless, improved property rights provided the main contribution to the long-run advancement of economic liberty.

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Bibliographic Info

Paper provided by European Historical Economics Society (EHES) in its series Working Papers with number 0054.

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Length: 90 pages
Date of creation: Mar 2014
Date of revision:
Handle: RePEc:hes:wpaper:0054

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Keywords: Negative Freedom; Economic Liberty; OECD;

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  1. Borowiecki, Karol J., 2013. "Agglomeration Economies in Classical Music," Discussion Papers of Business and Economics 13/2013, Department of Business and Economics, University of Southern Denmark.
  2. Thomas, Ryland & Hills, Sally & Dimsdale, Nicholas, 2010. "The UK recession in context — what do three centuries of data tell us?," Bank of England Quarterly Bulletin, Bank of England, vol. 50(4), pages 277-291.
  3. Huberman, Michael & Lewchuk, Wayne, 2003. "European economic integration and the labour compact, 1850 1913," European Review of Economic History, Cambridge University Press, vol. 7(01), pages 3-41, April.
  4. Sophia Lazaretou, 2008. "Banking and Central Banking in Pre-WWII Grecce: Money and Currency Developments," Working Papers 86, Bank of Greece.
  5. Ritschl Albrecht & Spoerer Mark, 1997. "Das Bruttosozialprodukt in Deutschland nach den amtlichen Volkseinkommens- und Sozialproduktsstatistiken 1901-1995," Jahrbuch für Wirtschaftsgeschichte / Economic History Yearbook, De Gruyter, vol. 38(2), pages 27-54, December.
  6. Dennis P. Quinn & A. Maria Toyoda, 2008. "Does Capital Account Liberalization Lead to�Growth?," Review of Financial Studies, Society for Financial Studies, vol. 21(3), pages 1403-1449, May.
  7. Carmen M. Reinhart & Kenneth S. Rogoff, 2011. "From Financial Crash to Debt Crisis," American Economic Review, American Economic Association, vol. 101(5), pages 1676-1706, August.
  8. Sophia Lazaretou, 2009. "Money supply and Greek history monetary statistics: definition, construction, sources and data," Working Papers 105, Bank of Greece.
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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. La libertad económica en el largo plazo: Evidencia de los países de la OCDE
    by admin in Nada Es Gratis on 2014-04-21 05:00:54
  2. OECD countries are currently experiencing their highest levels of economic freedom in modern history
    by Blog Admin in EUROPP European Politics and Policy on 2014-07-16 14:15:35
  3. OECD countries are currently experiencing their highest levels of economic freedom in modern history
    by Blog Admin in British Politics and Policy at LSE on 2014-07-19 11:00:55

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