The Growing Dependence of Britain on Trade during the Industrial Revolution
AbstractMany previous studies of the role of trade during the British Industrial Revolution have found little or no role for trade in explaining British living standards or growth rates. We construct a three-region model of the world in which Britain trades with North America and the rest of the world, and calibrate the model to data from the 1760s and 1850s. We find that while trade had only a small impact on British welfare in the 1760s, it had a very large impact in the 1850s. This contrast is robust to a large range of parameter perturbations. Biased technological change and population growth were key in explaining Britain’s growing dependence on trade during the Industrial Revolution.
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Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 19926.
Date of creation: Feb 2014
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Other versions of this item:
- Gregory Clark & Kevin Hjortshøj O’Rourke & Alan M. Taylor, 2014. "The Growing Dependence of Britain on Trade During the Industrial Revolution," Oxford University Economic and Social History Series _126, Economics Group, Nuffield College, University of Oxford.
- Clark, Gregory & O'Rourke, Kevin Hjortshøj & Taylor, Alan M., 2014. "The growing dependence of Britain on trade during the Industrial Revolution," CEPR Discussion Papers 9878, C.E.P.R. Discussion Papers.
- F11 - International Economics - - Trade - - - Neoclassical Models of Trade
- F14 - International Economics - - Trade - - - Empirical Studies of Trade
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
- N70 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - General, International, or Comparative
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2014-03-01 (All new papers)
- NEP-FDG-2014-03-01 (Financial Development & Growth)
- NEP-GRO-2014-03-01 (Economic Growth)
- NEP-HIS-2014-03-01 (Business, Economic & Financial History)
- NEP-INT-2014-03-01 (International Trade)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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